You'll like it. Cost of living is higher than Norfolk/Va Beach, but that's SoCal in general. You're about 10-15 mins north of Malibu (the PCH runs right in front of the base). LA (Hollywood/Santa Monica) is about 50 mins away. Santa Barbara is about 45 mins north. Ventura is about 15 mins. You're on the edge of the LA metro area, so there's plenty of stuff to do without having to put up with all the headaches.
If you're married, I'd recommend the Port Hueneme housing over Mugu's (like titoj said). All housing should be rehab'ed by now, but the Hueneme housing is better in my opinion. It's about 10-15 mins from Mugu. Decent townhouses avail in Oxnard. Alexan Parc Rose is/was like VAW central, but the mgmt was pretty clueless sometimes. Left in early 2004, so no idea about now.
Base has what you "need" but not everything you'd like. Only a 9-hole beater golf course, but the Seabee course at Hueneme is okay. No O'club, just an open afternoon at the small club "room" at the BOQ on Wed afternoons. Pretty spartan, but Nicki the bartender is cute (but married), but she makes a point to look out for us. It's nothing like the Sewells Point club and definitely not P'cola, so don't get your hopes up.
The exchange on Mugu is small. Actually, to say it's small gives it a lot of credit. The commissary is closed. Hueneme has the real exchange and commissary, as well as the only PSD. The squadron DK's (now all PN's) will usually make a point of coming over once or twice a week to the hangar, so unless you need a new ID card, you'll rarely if ever need to go to PSD (it's around back from the Exchange, past McDonalds).
The hangar is fairly new (read: refurbished). The squadrons have only been in it since late 2001. It has a SCIF downstairs where the wing WTU guys work (you'll get to know them). Sim bldg is about a block from the hangar.
Lunch choices are limited. Hope you like Subway, Mickey D's, and the base pizza joint. I will say (believe it or not), the base galley (aka "cheap chow") isn't bad at all. Camarillo airport also has a diner that's pretty popular with us, and they see a lot of squadron guys pretty regularly. It's about 10 mins away. "The truck" rolls through the hangar parking lot each morning too. All types of grilled stuff. The breakfast burritos are pretty good - all cooked to order.
Nightlife...hmmm. Some places to hit in Ventura, some in Thousand Oaks or Simi Valley. Truth be told, I was gone for about 2 out of the 3 years I was stationed there (we got the good deal OEF extended deployment, 6 month turnaround, extended Westpac to cover Korea during OIF). Santa Barbara has plenty of stuff to do, plus lots of girls due to UCSB.
All in all, pretty nice. Most people don't even realize there's Navy anywhere near them (except literally right around Oxnard/Pt Hueneme/Camarillo). Definitely not overrun like Norfolk or San Diego.
You'll have fun. Know what squadron you're going to?