This is such a beautiful song. I think that the "angels" he mentions are all of the people who traveled to LA in the hopes of achieving fame or some other unreachable dream. Some of them made it, but some of them became discouraged. Some of them even fell prey to the harsh lifestyle that accompanies fame.
Los Angeles is characterized as a benevolent force that looks after these lost, discouraged angels.
I think that the last line is particularly interesting: "your angels will go free".
I believe that he is referring to all of the victims of Hollywood, both the living and the dead. When LA falls into the sea, it won't be a catastrophe because all of the people who are stuck in the glamorous purgatory of Hollywood will finally be free and at peace.
This may be a decidedly metaphysical/supernatural interpretation of the song, but I couldn't help but picture the ghosts of tragic figures like Brittany Murphy, River Phoenix, and Heath Ledger all being set free from the simultaneously thrilling and terrifying city of Los Angeles.
It was a beautiful image. :)
chrysalison January 05, 2010 Link
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