This is definitely one of the better pizza's in L.A. I recommend Vinny's Pizza in Westchester and El Segundo for a real New York style pizza and experience. It's not as high end and the pizza is just as good.
I lived right beside Palermos and ate there at least twice a week. It is by far the best around. Great quick service with a warm and livly atmosphere. They even have live music on sundays. Free wine at the door, and everything is home made. The prices are very very cheap considering all you get. I think they could get away with charging more. They are always packed with people and that in its self is a sure sign of success.
Palermo its okay im not going to hate, but i wouldnt say its the best, if your looking for straight out of New York pies then go to San Biagios,its in 7Th st in Upland, best pizza ive ever tasted in California, other pizzeria's FORGETBOUT IT !!!!
The place is great and you basiclly get a full meal for a modest price. The thing that I liked about Palermo's on Hillhurst was the friendly service and good wine. I was raised in Hollywood and used to go their with friends, Rick Gomez, Dennis Hinds, Frank Struthers, etc.
I've been coming to this place for over ten years now, and you can't go wrong with any dish here. The rigatoni and ravioli dishes are especially good. At $10-12 a plate, the price can't be beat. If that's too much for you, then the 2 taco special at Jack in the Box is probably more in your range!