No one has posted about this yet, so I thought I should mention it.
After an absurd amount of time waiting and hearing rumors, Oswald has re-opened as of the start of the new year at the NW corner of Soquel Ave and Front St. downtown (just down the block from Barnes and Noble). I thought its previous incarnation was hands-down the best restaurant in Santa Cruz. I didn't always agree with the composition of the plates, but the execution was IMO virtually always spot-on.
While I haven't eaten a full meal there yet, I stopped by for a couple of drinks and a calamari salad last night. It has a much different feel from the previous location, which I think many, myself included, found cozy and intimate. Version 2.0 has many more tables and a rather sizeable bar that probably seats around 20. Menu isn't much changed in size or in spirit, it seems. My one salad was nicely executed, though maybe not quite to the same exacting standards as before (more covers per night? growing pains of a new - sort of - place?). There's also a full bar now, and they do some nice mixed drinks. I'm curious to see how it does and how it evolves over the next year or two.