From what I know of it (and I know some of the people and their thinking) it's a sincere effort to 1) protect farmland/ag land and 2) to give the people of Goleta a say.
That no one has chosen to undergo the rigors of a contested campaign for city council shows how cautious we must be in trusting our "elected" representatives. I use quotes since two of the five in the upcoming council will not have been elected at all since they had no opposition. (I suppose that could also say that Goletans do not give a darn about their city so why should we care if it is all paved over for housing and "villages" and the required infrastructure?)
There's so much development now in the pipeline for Goleta that the present council and planners have permitted it is essential to protect, to have a breathing spell for the remaining six 10+ acre parcels. G2012 would do that.
I can't see how there can be objection to letting Goleta voters weigh in, especially when there's so precious little open space left. The initiative is available here.