I have seen local newscasts from all over the country, large and small market, good and bad. I have to say, hands down, in terms of style and presentation D/FW and LA probably win hands down. As far as news content, though, everybody sucks, because everyone has a different idea of what constitutes "news" (other than obvious breaking news, and even then it's all about beating a dead horse). In Anchorage, news usually revolves around drunk Inuit eskimos beating up and/or killing their girlfriends/boyfriends, the latest from the volcano watch, and just goofy small market stuff. By contrast, the Florida panhandle (Panama City/Dothan/Pensacola) usually does a lot of lifestyle stuff and the thinly-disguised VNR (although by now everyone and his dog is out on the beaches in the panhandle waiting for the oil to come drifting in). Honolulu is kind of stupid because the same anchors are on all three channels thanks to the LMAs in place - same with Abilene, Texas, although it's not the anchors on the same stations, it's the reporters. Sometimes a story that aired on KRBC at six will air on KTAB at 10...with the same reporter.
D/FW news is usually a bit more thoughtful, although the ruptured gas pipeline story the other day ceased to be "breaking news" as soon as they shut off the gas and put out the fire, yet the horse was apparently not dead enough yet. And the Jerry Jones drunken comments to cellphone camera story was lampooned quite admirably by Dale Hansen on WFAA/8, who quite correctly indicated that it wasn't news to begin with...but apparently any time Jerry opens his mouth it's news around here.
KXAS/5 is of the "leading bleeder" category, KDFW/4 gets a little sensational sometimes (they are the biggest violator of the "breaking news" issue), and KTVT/11 is usually pretty solid (I don't watch KDAF/33). But the irritating thing about 11 is that they also program KTXA/21's newscast, so it's like watching "11 Lite". But in my opinion D/FW news is still the cream of the crop in the top 10.