You said:
>I would recommend only wearing waders in
>closed, calm water like a bay. If in the ocean, the chance
>of getting them filled with water is too great. Wear a
>wetsuit if going off an open beach.

While working at Fisherman's Hardware in Long Beach, a bunch of us who worked there fished the local spots in tubes. We launched through the surf in tubes, with waders. Nobody ever had a problem.
Yeah, we did get water in our waders once in a while. But only enough to be uncomfortable. I do remember watching a friend of mine take a wave right over his head while going in. He popped right up. Soaking wet, but safe and floating.(and laughing)
It's also been proven lately that waders full of water will not pull you down. It's a myth. In fact you'll probably float a bit more.
I wish I had the link to that test. It's on this site I think. (Rob?)
I think waders are always the best bet. There's no reason not to use them.

Point Fermin was also a great calico, halibut and seabass spot too! ;-) Launch off the beach on the sea side of the Cabrillo wall. 5" Big Hammers on 15/20 lb test on a 7-8 ft med heavy action rod.