I just purchased a Cal 9.2 about a month ago and really like the boat. PHRF on the boats range from 162 to 174. The 9.2 R usually rates 3-6 seconds per mile faster than the standard boats with cast iron keels. In their day, they were really fast for their size and still compete well in PHRF fleets around the country. They do have a week area in the deck at the mast step, but that is fairly easy to repair. As far as sailing in light or heavy air, they will perform well in all conditions if properly tuned and you use the right sail combo.
They are competitative againt other boats with similar rationgs and much better looking than most boats that are built today. I've been sailing for over thirty years on a wide variety of boats that have passed through my personal fleet. I think this one will do just fine.
Dennis Conner bought an old Ericson 29 and sails it in PHRF races... It's much slower and heavier than the Cal 9.2. If you decide to get the 9.2 you are looking at, you will enjoy it. It's really pretty forgiving and responsive.