Just came back from seeing "The Artist." Great film! I recommend it.
It's a French production, but shot entirely in Los Angeles, set in the period 1927-1932, is in black-and-white, and is a silent film. It was the darling of this year's Cannes Film Festival, and there's speculation that it might be nominated for a Best Picture Oscar. If it is, it would be the first silent film to be nominated for Best Picture since 1928's "The Patriot."
They shot scenes in the Orpheum Theatre, the Bradbury Building, various Hollywood backlots, and from what I've read, they even used Mary Pickford's first mansion.
Here's the trailer:
• Video Link