This was my very first Air BnB experience, and it was superb! I'd recommend Richard's place to anyone. As he clearly states, there isn't any privacy regarding the bathroom, but as a solo traveller this wasn't a problem (and wouldn't be for couples who are comfortable with each other in that respect).
The area is fantastic - I'd recommend strolling up and down Sunset Blvd, checking out the Time Travel Mart and (if you're geeky like me) the iam8bit gallery. If you like to dance with wild abandon on a Saturday, hit the Echoplex for their BootieLA night.