PCH is an absolutely perfect place to open up your car. The roads (for the most part) are well paved with only mild changes in elevation. There are several mile long straight-away's and some really nice turns; moreover, the scenery and weather is usually incredible. Also, the sorrounding roads (Mulholland Highway, Kanan, Topanga, etc) are even more condusive to "spirited driving."
The problem with this drivers paradise are the drivers. Like you said, too many idiots and way too many people with money and cars that are way out of their league. The police are definitely cracking down (especially on the bikers- who account for, I would argue, a majority of the problems).
Problems or not, my problem is I also like to run on these roads, and for the most part, there couldn't be a more perfect place to do it. Now, I'll be the first to condemn drivers for trying to take their races to the streets; however, as much as we all want to say that people should only drive safely, I am sure that all of us have opened up our cars at one time or another. It just sucks because when people go down (especially in ridiculously awesome cars) its draws a lot of unwanted attention.
...but then again, seeing that Enzo does make baby jesus cry.