My experience with 106.3 has shown the signal has issues in the Santa Barbara area; I am not sure of the power, but last I recall it was less than 1kw.
In some parts around Ventura the Orange County 106.3 jumps in every so often.
So I would imagine this format hole will be filled to serve more Santa Barbara than Ventura.
As I recall 95.9 was mostly canned; I am not sure what plans are in store for 106.3. The other classic rock/AOR station in town, KTYD, after being released from the grips of Clear Channel, returned to a very local oriented-feeling station with strong local on-air personalities and a strong presence in the community. Point-in-case, during the fires up there KTYD was pretty much the only radio station to go with wall-to-wall coverage.
I say this as if this new 106.3 is looking to make inroads in that market they have bit of a battle.