A better question if it is a good school relative to your stats (i.e., it would be a good deal for someone with a 1500 SAT, while someone that could get into Princeton wouldn't be too thrilled).
Any branch of the University of California is a "good school". And getting a Regent's Scholarship is an honor that you should be proud of. UC Irvine has a beautiful campus in a great location in Orange County. The beach, mountains and Disneyland are all nearby.