Better off going north, IMO.
Go south as far as Cambria, then turn around and come back. It is rather flat and boring south of Cambria. Highway 1 between Monterey and Cambria is one of the most beautiful roads anywhere. If you just want to ride and don't care about the scenery, then ride in the Santa Cruz Mountains, but if you want a good road with spectacular views, take Highway 1 south. The earlier in the morning you can get started, the better the traffic will be (and the less time you'll spend looking at scenery, because the road is great to ride too).
I have better photos, just not in my PhotoBucket account:
Edit:
Didn't realize this sub-forum was so s-l-o-w. Sorry for digging up a thread from the past.