My friend is moving to Jersey and wants to know what the gun laws are like. He will be a first time buyer and wants to start collecting.

Just the basics, handgun wait period, are AR's legal, magazine capacity limit? stuff like that.

Coming form California, it has to be better there, right?

Thanks in advance!

Quoted: Coming form California, it has to be better there, right?

In a word, "no".

Click here for a synopsis.

Bottom line IIRC;

Handguns:  First you get a FID, and then you apply for a permit to purchase.  If approved (no telling how long that will take) you have 90 days to buy the gun.

AW's (including AR's): No.

Mag cap limit: 15 rounds.

Don't even think about CCW.

I left 10 years ago, and don't even like to go back and visit

If he wants a collection tell him not to move here.  
He must 1st get a NJ Drivers license (now based on a complicated point system) ,  NJ Firearms Purchasers ID card, then pass the NICS check.  Oh if he wants to buy a handgun it's more complicated.  In addition to the above each purchase of a  handgun requires you go to your local municipality and APPLY for a permit, then a few weeks (I believe they have 30 days to Grant or Deny)later if the permit is GRANTED you have 90 days to purchase a handgun on that permit.  NO HiCap mags.  And (this one is important) if the AWB goes away next week it does NOT benefit NJ residents since we have our ownlovely AWB.
I really hate this place!!!!!!!!!!!!

Edit:  AR's are legal in a  POST Ban configuration.  That's NJ's AWB.  Pretty much the same as the Fed AWB.
For more info check out  http://www.evannappen.com/   Evan Nappen is a NJ attorney and all around good guy.  He has written a couple of books detailing NJ gun laws.  He can get your buddy pointed the right way.

No hollowpoints (is it just pistol ammo or all ammo?)  AFter living there for two years I got out.  No fun when I had to cross the border to PA to enjoy some shooting.  NJ has some nice ranges but as a state there seems to be this fear of anything that goes bang.  

I think hollow points are legal it's just those dum-dum bullets with a hollow point, copper jacketed with serations in the jacket.  I think.  I know every gun shop I go to has them for sale and not just to LE.  I know people who have bought them recently.  I think the banned hollow point was a specific type of hollow point.