The results are put on an official state web page as they are counted:

http://vote.sos.ca.gov/

They even break them down by county and tell you the percentage of registered voters that turned out to vote:
http://vote.sos.ca.gov/returns/status.htm

For the last couple of elections, they provided a handy summary page showing only the propositions:
http://vote.sos.ca.gov/returns/props/allprops.htm

CA has been publishing the results in the manner for a while now, and it's probably the fastest way to track an election as the votes are cast. I suspect this is were a lot of the local media get their results as they cover the election while it is taking place (in addition to their surveys at the polls).

Once the election results are stable and official, a lot of other sites summarize it the next day. Mahalo has a page covering the results of the last few CA elections: http://www.mahalo.com/california-election-results

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