I went to Baker Ranch this weekend. I was very impressed with the whole community, but focused mainly on Ridgewood (Shea) and Heights (TollBrothers). Very nice floorplans. Liked the biggest model the best at Ridgewood (their smaller SFR's were really great uses of space too).
Toll Brothers did a great job with the wide-open feel and the use of the California rooms, etc. Prices of both tracks seem a little high (given the lots), knowing what stuff costs in Foothill / Portola Hills. Community was done right though, parks / facilities look really nice and it is great how less dense the place is then the new Irvine Company communities (while still having many of the amenities of those communities, which is something Irvine does right...community pools, parks, etc).
I think the location, by and large is a plus as it is pretty freeway accessible (access to FWY from Alton or Bake and neither takes long). You are literally 5 miles (approx guess) from the Spectrum and can get most anywhere, although some downfalls.
Downfall is, you are busing / driving your kids to their schools (which are great schools) and the lots are a little small (upgrade over anything non-great parks / non OH view home) though. They should have made them a little bigger to really differentiate from the Irvine projects, kind of like FivePoints / Lennar did with Great Park community. While the jail is the last thing on my mind, seeing the barbed wire fences, on the way up from Alton just looks tacky.
Wife and I are having the great debate...we love Irvine and grew up here, but really aren't finding much to like about most of the new products. Hate how things are headed in terms of density, etc. WLove Foothill / Portola Hills...some great views, beautiful lots, 3 car garages, but floor plans that we've seen, by and large are meh as we absolutely love the open floor plans that the newer models have (use of great room...big kitchen...california rooms, etc). Seems like if you want modern floor plans in South OC, you basically have a few options. Far South with Ladera resale or RMV, Baker Ranch, or Irvine. Aliso Viejo has some options too with newer type stuff.