I haven't seen anyone mention this today.
It took long enough (the first rumors came out in late September, I think) , and apparently the delay had something to do with the Lakers, but Air America is finally returning to Los Angeles on Feb 3 on 1150 AM, according to the LA Times. (The on-line article is in their "Paid Subscriber Only" Calendar section of the Times)
To summarize the article, they are going to run Franken in the morning from 9am to noon and then plug in Ed Schultz from noon to three. The article doesn't mention Randi Rhodes, but I'm guessing they'll play her tape delayed after Schultz. They do say they'll carry Garafalo, but speculate that Stephanie Miller (a former LA talk show host) will find a way onto the station too.
And yes, KXTA 1150 is a Clear Channel station. The article points out that Clear Channel is about money first and politics second, and that KPOP in San Diego jumped in ratings after switching to AA, and they mention that stations in Miami, Denver and Portland have had similar successes. They quote Clear Channel's VP for news, talk and sports as saying that there is a huge market for left talk and that even the bad financial news that AA got early turned out to be a good thing, along the "Bad publicity is better than no publicity at all" lines.
From my personal experience, 1150 is a pretty good signal. I was able to get it clearly in the Antelope Valley during the day and in the Santa Clarita Valley even at night. It doesn't come in the Inland Empire very well, however, so that might still be a problem. (No clue about Orange or Ventura Counties)