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If you look over at weightweenies, you'll find Cervelo is not often cited as particularly lovely to ride. The Project California is just a further lightening of the R3/R3SL line, and while it's clever to make a raceable frame at that weight, many of the bikes people are actually in love with to ride day to day are in the >1kg frame range, already light enough to be easily built down to the UCI minimum. As a technology demonstrator, it's vaguely interesting, but the S3 is a better indicator of the direction road race frames are heading.

Agree, now that race bikes are at 6.8 there is no need to make the frames (or anything else) any lighter and it is only the marketing war that would warrant the "my part is lighter than your part" angle.
Development should now be spent on improving function, aerodynamics etc, which is more interesting to me.