I've not been impressed with the quality of the board-shorts compared with the regular shorts that Oakley produces. I've got about a dozen pairs from various surf companies (Kirra is my leading fav., followed by Billabong and the others). I find that their cuts are better, without the sometimes spotty quality of both material and construction of the Oakley stuff. Plus, they're easy to find in the $20 range off the rack at stores like PacSun or in surf shops.
Being a native Floridian, I spend a ton of time at the beach and on the water, especially when I work as a sailing instructor during the summers. Oakley is kinda lagging in this segment. If they used better material and patterns, and some of the new gimicks (I love the elastic fly, ie NO VELCRO, that is becoming more common), I'd be able to justify spending twice as much for the brand loyalty.