I'm in CA and have a C&R. I'm far from an expert, but I have spent a lot of time researching the subject and know a lot about it.
Basically, a C&R means you can have long guns that are 50 years or older shipped to your door. That's about it. Let me number some information.
1. No pistols, those have to be shipped to an 01 FFL dealer.
2. No assault weapons or anything otherwise illegal.
3. It does not mean you can walk into a gun shop and skip the paperwork, fees or 10 day wait (you can also get a certificate of eligibility COE but that is expensive, have to be fingerprinted and such, and only lasts 1 year.) Even with C&R and a COE you still have to do DROS, but you can skip the 10 day wait.
4. You can buy a long gun that is 50 years or older from a regular citizen in CA with no paperwork. (but from a dealer the paperwork and all that crap must be done.) Lots of people are confused on that point. It's a stupid rule, but it is the law.
5. You must log any and all C&R long guns you get while you have the C&R license, even if you buy it from Bob at the gun show. Some argue that you aren't "using" your C&R because that would legal whether or not you had the license. But don't forget that "YOU" are licensed.
So the main advantage of a C&R license in CA is that you can get 50 year old rifles or shotguns mailed directly to your door.
My wife and I call it the "get-greasy-old-guns-shipped-to-your-door-and-make-your-wife-want-to-kill-you license."
