Malone LaVeigh: yup, that's *exactly* how it works.
It's still legal for you to own one of those old "off-paper" guns, and you can transport it properly unloaded/locked/trunked/etc to shoot it, hunt with it, sell it or whatever. But don't carry 'em illegally.
If you want to, you can voluntarily register them with the Cal-DOJ. There's an online form you can download, fill out and mail in for that purpose.
There's one other way to escape scot free from a packin' bust: if you have a restraining order out against somebody else, it's an "affirmative defense", which is lawyerese for "an excuse that you can use in court, and the judge can't prevent you from using it - but the jury may or may not buy it". It's not clear if you also need to meet the "registered gun requirement" but if you fall under this RO category, I *strongly* recommend packin' a registered piece.
Knife law in California is a whole 'nuther critter entirely. Yes, there's a BUNCH of possible felonies there. See also:
http://www.ninehundred.com/~equalccw/knifelaw.html
The good news: you can carry any size folding lockblade you want, as long as it's not a switchblade, butterfly or true "gravity knife", open or *concealed*. Even if it's a double-edge folder. See that page for details. It's the only really cool part of the California weapons laws and in that respect, it's better than most of the shall-issue gun law states (some of which have sucky knife laws).