I lived in California in my early childhood & visit a lot because my family all lives in the LA area now. It definitely feels like home, and I'm planning on moving back once I'm done with school. Personally, I like LA, but like any city, it has good and bad parts. In my opinion, the biggest pros and cons are:
Pros: Creativity and Diversity (like you said, lots of artists, rappers, etc.), Perfect Weather, Nice Beaches, Mountains (great for hiking, and you can go skiing and then go to the beach all in one day), Great Food, Lots of places to see (Santa Monica, Griffith Observatory, ton of museums), Good Nightlife
Cons: Terrible Traffic (LA Metro is pretty good, though), Very Expensive, Homelessness (most noticeable when you are downtown, it isn't a big problem in most suburbs), Pretty Dirty (this problem has gotten worse with time)
It's a huge place with a lot of diversity, so some areas feel very different to others. Places like Skid Row and Irvine are both in the LA Metropolis, but they could not be more different. Most generalizations kind of fall short because it's just so big.