"Another" California Registration question

[mr0077]

On the CA DMV website under SB-100 SPCN registration (http://www.dmv.ca.gov/vr/spcns.htm) I find this:

"Previously registered vehicles may be included as one of the first 500 applicants in a calendar year and apply for a different model-year determination."

So, if my Cobra is already registered in another state and I move to CA, does the above mean that I am "exempt" from the SB-100 500-car limit, and I'm just included in with the 500 certificates that are issued?

What pitfalls are involved if I and my car move to California?

Thanks