1. City that has: lots of traffic, many suburbs, industry, a busy airport, a busy seaport, multiculturalism, beaches, mountains, upscale shopping, the movie industry, strained race relations, a corrupt but improving police department, a decent music scene, a high but declining crime rate, and a major inferiority complex to New York.
2. City that lacks: seasons, a decent public transit system, quality architecture (though Disney Hall is a step in the right direction), an actual downtown, and culture that is not affiliated with the electronic media (theatre, opera, etc.).
3. City that needs: everything that it lacks, though there's not much that can be done about seasons.
Overall, a great city that gets a bad rap for its shortcomings. There are better, and there are worse.
As for you, Cukamonga Kid or whatever your name is. I doubt you've been to New York, so quit comparing LA to a place that you don't know about.