Wow, it happened! I go up on a 4 mile hike in the mountains and come back to this news!
Well, at least I don't have to register my M1 Carbine, because it does not have any evil features. Ruger Mini-14s, M1As, ARES SCAR, and kel-Techs are still not condsidered assault weapons under the new law. They will be limited to 10 rounders, though.
As for magazines, fortunately I am exempt because I am an honorably retired California Peace Officer with a retired LEO ID. The only exemption to the magazine ban are Peace Officers, active and retired, Armored car companies, FFLs that have a high capacity sales permit, and movie prop companies.
I do feel bad for all of the non-LEO types that have legal pre-ban high cap magazines. They will have to either permanently block them to 10 rounds, turn them in for confiscation (God what an ugly word. It should never be uttered in America!) or send them out of state.
While technically, I could run my ARs, my AK, and my PTR91 "featureless" still and not register them, if I register them as RAWs after 1-1-2017, I don't have to use them featureless any more. I can use a standard mag release and have a pistol grip because they will be registered.