After doing some more research, I'm thinking Silver Lake as well. Still haven't written off Koreatown or Culver City yet. I'm probably going to come down once my last semester at UofT wraps up to check out my options. Thanks to everyone else suggesting areas as well- I'm primarily concerned with a really simply commute (ideally near a subway line- not sure if I'm bringing a car), so places like Pasadena are a bit too out of the way. West Hollywood's probably as far out as I'd want to go.
For the poster above who was defending USC's safety- I'm sure it's safe so long as you don't venture too far south or too far east.. I'm not really concerned with safety. I'm a guy, so sexual offenses aren't as big a deal to me..no one ever gets murdered in the area, and I hail from a city already..so I'm not exactly street-stupid. Plus, I've heard security and policing is really tight at campus and throughout the surrounding area. I just don't particularly like the way the neighbourhood looks, and as far as I'm aware, most graduate students live off campus in more exciting areas. Still, I'll check the USC neighbourhood out for myself when I come down.
I went to USC for four years of undergrad (graduated in '08) and then lived there with buddies for a year after graduating, and I never once had any need to step foot south of the Coliseum or east of Figueroa. You really don't have to worry about safety. According to LAPD and campus statistics, UCLA is technically significantly more dangerous crime-wise than USC. So yeah you might get mugged, but the chances of that happening are similar to any other neighborhood unless you start wandering deep into South Central. In general, the community loves USC students. During the Watts riots and the Rodney King riots, everything outside of a radius of a few blocks away from USC was ravaged, but the bubble of the campus was completely untouched.
There are a ton of apartment buildings and houses to rent just north of campus in the area contained by Jefferson, Vermont, Adams, and Figueroa. And in all honesty, I wouldn't trade my time living right off of campus for anything. It will be infinitely easier to make friends, and nothing beats being in your seat in class 15 minutes after waking up. And students throw parties all the time: all you have to do is walk through the neighborhood Thursday to Saturday and you will find multitudes of opened up houses where you will be welcomed in without question. There is a shuttle that can take you to LA Live (where the Staples Center is), and buses will get you anywhere downtown that you need to go if you don't want to drive. Hollywood and Pasadena are a short ride away, and you can make it to the beach in no time as long as you're not trying to get there during rush hour.
There is only one real bar that you can walk to from the USC area, and its kind of a shit-hole (of course I am referring to The 9-0). The place is packed with ten's, though, so there is that. You can taxi it very easily to the multitude of downtown bars, so I wouldn't be too concerned about missing out on that scene if you're not as into the house party/drinking at a friend's place type of socializing.
If you don't want to be right off of campus, I would recommend taking a look at the mid-Wilshire area (around La Brea and 3rd) as well as Hollywood. For my money, that area is the most walkable in LA. Might be too expensive though, I'm not sure, since I've never tried to live there before. Culver City is incredibly dull to me, and the rest of West LA is a complete traffic nightmare. The other day at 6:00 PM it took me 40 minutes to drive through two traffic lights on Santa Monica blvd.
Please let me know if you have any questions whatsoever about living at USC, I'd love to help you out if I can!
Edit: and no matter what you decide, definitely bring the car. Also, there might be something to your idea of Silverlake (I've never even been there) because literally every friend I had in the film school moved there immediately after graduation.