The Links at Spanish Bay
If you take this drive, plan on a minimum of 2-3 hours; the first part of the ride is not close to the ocean, but once you hit the pacific, you'll be stopping frequently to enjoy and photograph the spectacular views.
Towards the end of the drive, just past the Lone Cyprus and right at Pebble Beach, there's a small business area with a nice deli. Save all your receipts, if you spend more than $25 (?), you can get a refund of the toll you paid ($9.50, IIRC) to enter the drive.