It is horrible and beautiful at the same time.
LA is like New York City and Paris and Tokyo and London... It is a place everyone goes to chase a dream. But most don't realize how hard that dream is to catch nor what is required to catch that dream.
Truth is, it is incredibly hard work. You are trying to out perform people who are better looking than you and more talented than you. Most people that come to LA are used to being the best looking person in their class or the most talented actor, singer, artist, *whatever* in their city in No-wheres-ville USA. They then come to LA and for the first time in their lives they have to compete with a bunch of people just like themselves. ANd when I say a bunch, I mean A BUNCH. Imagine being a 6'0" gorgeous blonde and you go to an audition and there are literally 50 blondes that look just like you all reading for the same part.
But on the flip side, if you are willing to put in the time, couch surf, be "near homeless" and broke and fabulous keeping up appearances while chasing the dream and working hard then it "can" pay off. One of my very close dear friends who has been couch surfing, acting, bartending, waitressing, being a bus boy (or girl rather), dish washer etc had put together her own Youtube channel and had been doing bit acting parts all over the city... She finally got a break and was picked up for a Fantasy Series that USA or Fox is going to air next year. She has a major role, not the main character but a supporting character that is in almost every episode!!! The gig pays decent, she can now afford a nice apartment etc and regardless of if the series hits or not, it will launch her career...
It is a tough town, but you will definitely walk away with some interesting life memories