Big Reef, Short Banks , they all produce. At what level, well that depends on your standards. As a general rule, don't expect straight reds. Most of the time, salmon grouper and smaller bosco/barberpole varieties make up your bag of "keepers", while a plethora of smaller species serve as a constant nuisance.
To maximize you haul of quality rockfish, try metering around the edges of popular areas such as big reef. There are bigger fish in these areas, but they are often oriented over small spots of hardbottom or structure.
I have one spot at Big Reef that is probably no bigger than my boat, but holds quality reds, salmon grouper, and chuckleheads. If a sportboat went over the spot during a drift, the angler's baits would be in the zone for about 20 seconds, but I can micro adjust to keep my boat over the spot for a little longer, therefore allowing my friends and I to catch our share of quality cod in only a couple passes.
What it boils down to is this. Santa Monica bay rockfishing doesn't involve 2 hour drifts over loaded rockfish grounds. The best spots are the small ones, and these spots are hard to fish, and even harder to find.