I'm fairly sure that Capt. Lord and his bridge officers took some pretty hefty demons with them to their graves. The British inquiry didn't take any action against them though. There was speculation on another site I visited that already having one glaring example of British bad seamanship dominating the world press, the BOT didn't want to expand on it by dragging Lord through the mud of official charges.

The Californian could probably have saved a lot of lives had she responded but it is not sure if she would have arrived in time to evacuate everyone from Titanic before she sank. It took her about an hour and a half to get the Carpathia the next morning and at night in the ice field it would probably have been at least two hours to reach Titantic so she probably would have arrived just before or soon after she went down.

I just found the Titanic Inquiry Project site
http://www.titanicinquiry.org/index.html
This is the first chance I've had to actually read the transcript from the US and British inquiries and I'm learning a lot of little details I didn't know.