Hollywood has been recently revitalized by several things - the redevelopment of the Hollywood and Vine area (or the commodification...it's unclear), which included the new Hollywood & Highland entertainment complex (an outdoor mall), a new metro system, a plethora of new neon marquee-style lit stores and clubs, and the re-establishment of the Oscars at its original venue, the Egyptian theater (on Hollywood Blvd.).
The Hollywood Hills, just a bit north, is a beautiful area to explore and hike. If you walk straight up Beachwood Avenue (from Franklin), actually, you'll enter directly into the twisting, climbing streets, studded with mansions and Mercedes (and if you go high enough, an entrance to the Hollywood Reservoir). You really can't get lost, because no matter how high you go, there are hardly any actual outlets - you'll end up winding your way back down, ending up on Scenic Drive, Gower, or Beachwood.
About a mile up Beachwood is the original stone entrance to "Hollywoodland" - circa 1927. Originally a retirement settlement that was never fully completed, "Hollywoodland" was eventually truncated to just "Hollywood" after the "-land" from the famous sign was removed, as it was an unlucky 13 letters long (and people were beginning to habitually choose it as a prime spot to jump to their deaths).
If you're near Franklin Avenue and the 101, on the border of Hollywood and the Hollywood Hills, make sure to stop at the 101 Cafe (located in the Hollywood Hills Hotel), which has some of the best diner food in LA. There's also a short strip on Franklin between Beachwood Ave. and Mayfair Market (whatta grocery store--80s rock stars and beautiful ladies descend from their houses in the hills to pick up toilet paper and milk) which has a cluster of nice bars and restaurants. Birds is one of the best and liveliest bar/restaurants in the area (with a restaurant specializing in, well, birds--i.e. chicken), but try to avoid weekends, as it gets too packed and attracts an annoying weekend crowd.
Back in downtown Hollywood, for a taste of the bizarro, you could always check out the L. Ron Hubbard Life Exhibition (6331 Hollywood Blvd.), open 'til 10pm. I'd have gone, but I was too afraid the Scientologists would get my face on camera and track me down. (The Scientology "Celebrity Center" is just a few blocks away.)
Hollywood also has a wealth of trendy new bars (the older ones are seedier and reminiscent of Hollywood Blvd.'s darker days). Some of the newcomers are annoying, packed with wannabe actresses and their followers, but others are quite cool, some even venturing into the ironic (in LA!?). Here are a few:
Daddy's
1610 N. Vine St.
A dark, spacious bar with leather booths spread throughout the space and fairly good music. Be careful, however, I have known people who have been not-so-nicely escorted out for drunken behavior.
Cat and Fiddle
Sunset and Las Palmas
Inside it has a standard bar feel, and is really nothing special. The outdoor seating area, however, is fantastic for a warm spring evening (well, it's LA--a warm evening in any season, I suppose). It's almost completely hidden from the road, and once you enter the gate, it widens into a square, stone courtyard with trees, twinkle lights, and lots of little tables.
Vine
1235 Vine St. (off of Hollywood Blvd.)
A mint, narrow bar with rectangular booths and a nice wine selection. It offers vittles as well. Better for a date than a raucous night out.
The Burgundy Room
1621 1/2 La Cuhuenga Blvd.
A long, very dark, narrow bar, which you usually have to excuse yourself through in order to find a small place to stand. The people are all usually well on their way to being WASted, however, and are pretty accommodating. It's mostly standing-room, and good place to strike up random conversations with strangers.
The Tiki Lounge
7910 W. 3rd St.
Located in a strip mall that looks like every other one-story strip mall in LA, the Tiki Bar is surprisingly happening on a weekend night. It's a bit of a meet-market, but they have tasty drinks and a lively crowd which often makes a stop for at least an hour or so worth it.
Beauty Bar
1638 La Cuhuenga Blvd.
If you've been to the Beauty Bar in San Francisco, or in New York, it's about the same scene, if a bit more LA-ified. It's very mint, the people are very mod, and the entire scene is oh-so-ironic.
Skybar
8440 Sunset Strip
This actually West Hollywood, on top of the Mondrian Hotel. Very expensive, pretentious, and slick. Very hard to get into on a weekend--make sure you're dressed to the nines or with a celebrity. If you're into that kind of thing, this is probably one of the best choices in town.
The Standard
8300 Sunset Blvd.
323/650-9090
West Hollywood as well. Although it's on the Sunset Strip, which tends to cheezify most bars, the Standard lounge is located in the lobby of the ultra-hip Standard hotel, where the young, rich, and famous love to stay. Upon entering the glass doors, you're greeted by a bored-looking young nymph in her underwear, lying behind glass, usually reading a magazine.
The lounge has a funky seating area (busy for afternoon cocktails by day), a large outdoor poolside patio, and one of the best views of LA in the city. Sunset is especially nice, when the lights of the LA basin start to twinkle, the drinks start flowing more freely, and the music gets turned up a couple notches. Wednesday nights are good for music and dancing, but it's tough to gain entrance (unless you're famous). Beware of drink prices.
(Also--if you're in the mood pay $12 for a burger, come to the restaurant here... they're delicious. The Shiraz is good, too. And allegedly, Billy Bob Thornton used to come in regularly and try to get the waitresses to sell him one of their 50s zip-all-the-way-up uniforms for Angelina Jolie).