I have been a lifelong surfer here in Southern California. Before the internet, I used to listen to the bouy reports over my portable weather radio, and the wave height and period were VERY important (at least to surfers).
The height is self explanatory... bigger waves, generally better! However the period was important as well. It would generally tell you a few things. First if the period was short, 5-10 seconds or so, you knew that it was choppy, and that the waves were being generated by a local source. Here in California much of the time there is a short period swell which is generated from the local on shore breeze that is apparent 90% of the time, so that short period meant choppy crummy wind swell. Not much fun for surfing, but it also let you know how close the source was. Second if the period was very long 15+ seconds or so that indicated that the waves were being generated by a distant source (storm off of New Zealand in the Summertime, or off the Alleutians (sp?) during the winter). That generally meant big, good surf. The good report that would have us calling in sick to work would be "Wave height 10 feet at 15 seconds" !!! Also you knew when the swell was peaking because there was a difference in the period over time. Generally the periods were a little closer as the swell approached, it would peak, and then the period would lengthen.
There is an interesting site on the internet that I use to keep tabs on the Pacific.... It kind of reminds me of a hodo. Take a look at the "directional spectrum" in the lower lefthand corner.
http://cdip.ucsd.edu/?nav=recent&sub=nowca...xitem=socal_now
It is a good tool to see what is going on in the water, but also with the local wind. If there is alot of action on the out side rings, you know it is just local windy, choppy conditions. If you see a more tightly focused "blob or coloration" near the center rings that indicates long period.... or swells from a distant source. Finally this tool tells you the direction of the swells... again a very important data point for surfers here in S. Cal because of our off shore islands.. You can see from the map that the swell can very greatly depending on island and land "shadowing". The period has alot to do with this shadowing as well... Longer periods (in my experience) seem to "get into" or wrap around obsticles a little better, so that can help with knowing where the best place to surf will be.