Any advice on living in downtown LA?

I've just been accepted to the school of my dreams (FIDM) and will be moving to LA in the summer of 2011; fresh out of high school. I'm really nervous about the whole situation (btw:I'm from Arizona), I really don't know what to expect. I've visited the school and got to see the city, and it's a whole nother world from Arizona. I just want some advice on the city, pros-cons and any good stuff. Transportation would be a great start--is getting a car a good idea or will I be fine walking about 10-15min to school. Thanks you sooooo very much, I really do appreciate it :)