First, it's the location of two intersecting streets: Hollywood Boulevard and Highland Avenue. At that location you'll find an energetic, three-story, shopping/dining entertainment complex, a twenty-first century landmark that constantly tips its hat to the past.
From references to D. W. Griffith's 1916 film Intolerance in the multi-story "gate" at the end of the courtyard and the elephant statues surrounding it, to the stories captured in the "Road to Hollywood," this place constantly celebrates the film industry's past. And for that alone, it's fun to visit. You could spend almost an hour just reading all the stories and trying to guess whose they are.
The complex is occupied by shops and restaurants. Besides those, Hollywood and Highland also connects to the Dolby Theatre (home of the Academy Awards) and Grauman's Chinese Theater. Tours of both theaters are available for a fee.