From Torrance, Manhattan, Redondo, RPV, El Segundo. Basically South of The 105 and West of the 405 and West of San Pedro.
LA is a horrible place to raise kids IF you don't want them exposed to dope smokers, single moms, future child stars, etc.
But, if you want them to understand that there are lots of different types of folks in this world and that it doesn't matter if you're Korean, Mexican, Black, Filipino, Japanese, Chinese, "Persian", Armenian, White, Jewish, whatever, it's anything goes in LA. People do tend to stick to communities of like ethnicity but, they all coexist in LA. Oh, forgot about the Gays in West Hollywood.
Anyway, as long as you aren't going to miss College Football (that isn't SC or UCLA) and if you can live without the NFL in-person, you'll do OK. Oh yeah, you'll be dying for BBQ and Tex-Mex but other than that, LA is pretty good.
I second the idea of renting first and figure out if and where you want to buy.
California does have some really good reports online about their school system. Obviously stay out of LAUSD. I was pretty happy with a minimal commute and sending my kids to a school that was an 8/10 versus commuting 60-90 minutes each way so my kids could go to a school that was a 10/10.
EDIT: The site you want to check out for the schools is:
California Department of Education
Accountability Progress ReportingLook for the report that gives you the school API score and Growth target, etc. That's your best bet for figuring out if a school is doing well or not.
The ranks 1-10 are legit. If you look hard enough, you can find a school rated a 10 (Irvine) and you can find a school rated a 1 (Compton). Anything near the beach is typically going to be OK

[This message has been edited by HollywoodBQ (edited 7/8/2012 7:12a).]