Lots of misinfo out there and a lot of folks saying the pilot should have punched out over the water. San Diego Union-Trib prolly has the best sources http://www.signonsandiego.com/news/metro/20081209-1443-bn09jetdown3.html

The plane was flying on one engine and had been for 100 miles after RTB from vicinity of USS Abe Lincoln. 2 miles short of Miramar -- low, slow, gear down -- the good engine died. FA-18's don't do well without power, the glide ratio sucks and the controls don't work -- so the pilot punched out.

Personal opinion: they could have elected to land at NAS North Island 11 miles south -- slightly closer to Lincoln and right on the beach. FA-18's land there routinely so it would be no big deal and much safer with an iffy aircraft.

OTOH, if a plane is flying okay on one engine (assumption -- was it really flying okay?), why take it to an airfield where it will be a PITA to fix when you can land it at homebase, replace the bad engine and get the plane flying again. I suppose those are issues that will be considered and discussed at length in the coming investigation. BTW, NAS North Island has a Navy FA-18 rework facility; they can fix them there too.

That said, I wasn't in the decision loop and don't have all the facts.