Hey there SansSouci,
i really can't wrap my head around the approval process that CA requires... I would think that CA would actually prefer ownership of revolvers over semi-autos for fairly obvious reasons. (I'm in CT where the situation isn't much better) But let's hope you can get your mitts on a new Colt Cobra sooner than later. I'm actually rooting for Colt on this one and hope they have a winner on their hands.
Regarding caliber...I've always been fine with .38 Special and/or .38 spl +P given the right loads. i really don't have a urgent desire to start packing .357 mag for my SD needs, especially in a concealable package. I understand that there can always be the exception in any situation, but at this point, i'm comfortable with my decisions.
That said, i'm limited in my ownership of semi-autos, but i'm really considering the new Sig P225-A1. CT also has a 10 round mag capacity law on the books... so we've got that going for us....