Totally boring.
I don't know how people can rave about the views. We took Hwy 1 north to Carmel from Hearst Castle. Now THAT was breathtaking. And free! We picnicked on the way north as well; free beaches. So the 17-mile drive was a huge disappointment. Even if there was no charge I wouldn't recommend it. There is so much better scenery elsewhere.
I was also disappointed with their handout. No historical information whatsoever - and very little information in general. Nothing about Samuel F.B. Morse who formed the Pebble Beach Company in 1919. (I had to look it up on the internet to get any info.) Overall, just a way to fleece $9.25 out of unsuspecting tourists.
Also, customer beware: from late March to the first week of June, protective fencing is installed at the most scenic spots (Fanshell Beach and Cypress Point Lookout). Those areas have been closed off to all vehicle parking, pedestrian traffic and bicycles, in order to protect the harbor seal pups during birthing season. But of course the Pebble Beach Company still charges the full $9.25, no discount.