Actually, while CA may be different (usually is...), I was shocked to find out that Cahingun's interpretation was not upheld by our local ATF office recently. My Dept had a guy resign under some pretty ugly circumstances. Last year he had bought an LE semi-auto AR on letterhead. The main advantage was a discounted price and a colapsable stock. Well, after he left, the situation was brought to the attention of the chief. As I understand it, the chief had the local office of the ATF contacted, who advised that under these circumstances, the former LEO could keep the weapon.
Like I said, YMMV and I was very surprised (and disappointed, I might add.).
While I doubt that anyone is actually going to go through the torture of getting hired by a PD (backgrounds, Polygraphs, etc..) and then go through an academy just to get a pre-ban semi AR for under $800, the concept still could drive another unwanted rift between Cops and RKBA'rs..
Personally, I only own 2 LE/MIL hicaps, which I purchased for use in a weapon that I am qualified with for offduty carry (two actually, G23 & G-35). The only others that I have are the three the dept issued me for my duty gun. I refuse to by "LE" guns or mags on letterhead that aren't actually going to be used as part of my job.