It wasn't for me.
Unless you're lucky, have connections, or have accumulated substantial wealth, the only real "affordable" places to live down there anymore are in Riverside and San Bernadino counties and those cities are not close to the beaches, SD, most of the OC or most desirable places to work in LA or the Valley. Plus you get the added bonus of Vegas-like temperatures in the summer in the eastern portions of those counties with lots more humidity (worked in Hemet for a summer and I would rather live in the Vegas heat with the same triple digits sans the humidity — it was miserable).
Like my friends in Murietta that leave for work at 5 a.m. to commute to downtown SD or Vista (North SD County) and get home around 8 p.m. in order to get 9-10 hours in at the office every day (court attorneys, working at home is not an option), you have to decide if the tradeoff is worth it or not.
GO COUGS.