Actually we have stayed at Cachuma Lake and liked it a lot especially since it was so quiet and the birdlife was fascinating. No complaints about it at all. Oh, no swimming allowed. It was too hot for fishing at that time.
We like both and would stay at either depending on the purpose of the trip.
Cachuma Lake water is down, but so are many, many lakes in S. CA.
As long as we are mentioning restaurants, of course Anderson's is always great, but check out the Hitching Post (featured in the movie "Sideways") for fabulous food. Sandra's in Solvang for breakfast is first rate. Also try out Industrial Eats - we liked all of them.