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Hancock Park is considered more upscale than La Canada (in most places except La Canada). You're hard pressed to find a prettier neighborhood and more gorgeous houses. It's got the "old money" feel and is a very safe neighborhood. I personally prefer it to BH, it's free of McMansions and is prettier and warmer. I don't know about private but one of the public schools in HC is sensational (check Greatschools.net). HC attracts some movie stars as well. It's been a filming location for several movies due to it's look and proximity to the studios. It has underground utilities and the historic streetlights. It's also spotless and surrounds the Wilshire Country Club. Homes are Moorish, Spanish Revival, Mission Revival, Spanish Colonial and a smattering of Colonial and Traditional.
La Canada is a really nice area, it's just different. HC is flat, LC is on a hillside. Your "mother ship" is Pasadena. If you're in the right spot, you can watch the fireworks from the Rose Bowl. Housing stock is different, there's lots of Mid-Century, Traditional and Architectural homes. There are also plenty of fairly average Ranch Style. Public schools are very, very good here. I can't tell you a thing about private here either.
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