It depends on what you are doing, or trying to do, and what your finances are like.
I think that if you are industrious, outgoing, persistent, and driven, it's worth making a go of it. Jobs are a little hard to come by if you don't have a specific skill set or experience, and by that I mean unless you have to have to something to focus on because otherwise you'll be stuck fighting for a spot in a service industry. There isn't a shortage of jobs in LA so much as it is that you'll be fighting HUNDREDS of applicants at whatever job you're going for, even if it's a restaurant gig. Having connections out there matters a lot because often you'll need someone on the inside to get your info into the hands of the right people.
If you have a clear plan/goal and means to get there and get setup, then I can recommend it. There are some awesome and amazing things to do and see in LA and I ended up liking it more than I thought I would. However, it's not easy and you might end up having to live in a very shitty apartment until you make your riches.
If you have specific questions about it that you don't want to air here, pm me.