I'm not a fan of big concert venues, but I make an exception for this one. I've seen probably 20 or 30 shows here over the years, and I've never been disappointed ... well, once. Thompson Twins roundabout 1986. They let too many people into the pit and we couldn't see the stage, even though we had front row orchestra section seats.
The variety of acts they've booked is impressive also: everyone from Madonna on her first tour to Diana Ross to the KROQ X-mas. As you might expect, the cocktails are outrageously priced. Better to stop somewhere at Citywalk first. You'll still be paying a lot of money, but at least they'll be more atmosphere (I recommend the Hard Rock). Look out for skunks on your way in and out, especially during the summer. They make frequent appearances by the fountains.
Pros: plenty of parking, good sound quality, top-notch talent
Cons: citywalk traffic