What a find. Will definitely seek it out next time I'm in the Santa Barbara area.
After the 2008 and 2009 forest fires burnt most of the hiking trails in Santa Barbara, the two canyons north of Montecito, including Cold Springs Canyon, have become very crowded. But I think eventually the other trails will be opened to public travel and take the pressure off of these two canyons. For the time being, the best time to hike up these canyons are the weekdays.