A good consignment shop is hard to find, but once you find one, you may find another across the street.
Corona Del Mar is one of those tony neighborhoods in which people who love to shop actually run out of walk in closet space and either consign or donate their clothes, handbags and shoes. The Discovery Shop is an upscale resale shop which benefits the American Cancer Society; it's hard to beat getting an Armani skirt for $5 from one of their red tag (50% off) racks.
Right across the street is Recycled Rags, which carries some unusual exotic pieces like a Dolce dress for $160 or a Nanette Lepore Dress for $65, they even had an Arden B top for $28. It may not be Armani for $5, but for these designers, the prices are still a fraction of what you would pay retail. They carry Manolos, Coach bags, and they even have a small men's section with similar top name brands at prices that may leave you wondering if there is a digit missing from the price tag.
Even if you don't live in the area, you can shop with them online as you browse recent arrivals and what is currently in stock. The secret to getting a steal here is to sign up for their email list and to go to the once a month Parking Lot Party which features store items at an even steeper discount; the next one is June 28, 2009, so mark you calendars, get set, and GO!