We just got ours yesterday. They are good for one year EXACTLY from the day you get them.
Since you are a So Cal resident, there are 2 special passes (with blackout dates) that are only available for So Cal residents. The Southern California (215 available days to use them) and the Southern California Select (170 available days to use them) - we went with the Southern California because we needed to be able to go on Sundays off-peak. The Select blacks out all weekends (Sat and Sun) which doesn't work because our kids are in elementary school.
http://disneyland.disney.go.com/tickets/
HERE IS THE TRICK: You can upgrade any ticket to an annual pass and the money you spent on the original ticket is applied to the annual pass. But, do not do the upgrade until the END of your trip. For example, if you buy a 3 day park hopper ($144 per person for So Cal right now), on the very last day, upgrade your ticket to the pass you want, and only pay the difference. If you upgrade on the first day, the blackout days will apply the next time you try to use them (so your 2nd and 3rd day are blacked out). If you wait until the LAST day, you can still use your tickets even if the pass you are upgrading too was blacked out all 3 days of your trip. Does that make sense?
For example, we just went this past weekend (Sat and Sun)..... we had 4 x 2 day park hoppers at $114 each person. BOTH of those days would have been blacked out with the SoCal Select pass, and Sat would have been blacked out with the SoCal pass. We enjoyed both days at the park, then on Sun evening we did our upgrade. They gave us our cards (annual passes) and an extra print out that basically said "if today is blacked out with this pass, the person can still use it for the duration of the day/night."
Practically the entire summer is blacked out with both of the SoCal annual passes, so this is away around the blackouts if you want to go this summer at all! Just don't forget to upgrade on the last day of your ticket!