^^^agree.
Everyone says having regents is a big deal registration-wise. You can avoid a lot of Waitlists. You get preferential housing and a lot of networking functions, which might include Silicon Valley ppl at UCSC, although I am just guessing on that last part. Maybe you should google regents UCSC and try to connect with some others in the program.
I seem to recall coming across a rant by a UCSC student somewhere last year, annoyed with all the perks offered to UCSC Regents.
UPDATE: I found the rant instantly. It was from a long time ago, but a fun read nonetheless:
http://boards.straightdope.com/sdmb/archive/index.php/t-36894.html