I think that 2010 thread is still pretty good, my last post there talks about Wildfire Gym which seems to be a great place for even young kids:
http://www.talkirvine.com/index.php/topic,1051.0.html
There is another one called OC Gymnastics in Costa Mesa that is a similar concept.
So over the years, we've done and been to:
Pump It Up - Irvine
Jumpin' Jammin - Mission Viejo (Kaleidoscope Mall)
Laser Quest - Mission Viejo (Kaleidoscope Mall)
Boomers - Irvine
Chuck E Cheese - Costa Mesa and Foothill Ranch
Wildfire Gymnastics - Tustin
OC Gymnastics - Tustin
My Gym - Tustin (near the train station)
Gymboree (the play location, not clothing) - Santa Ana
Gamez on Wheelz (at 2 house parties) - Orange County
House parties with bounce houses
Parties at clubhouses in Irvine
Sky High Trampoline (not recommended as I've seen kids get hurt)
Whatever it is, the food is always an issue because you have to figure how much to get, if parents are going to eat and usually end up with so many leftovers.
The great things about locations not at your home, people get there at a certain time, have fun, eat and then leave... no cleanup, no fuss, and you have the rest of the day.
The benefits about having it at your house is you don't need to bring anything to another location, you control the venue, you don't have to have a set time, people can come and go at different times, you usually can invite people who don't have kids (like your older relatives) but it usually ends up a much longer party depending on who you invite. When it's just kids from school, house parties can have a set time frame, but when you invite your own friends and relatives, it can be a whole day/night affair.
Like the Sky High Trampoline, I would be careful with renting your own bounce house. More than once I've seen kids get hurt and even a few times, fractured ankles.
And if you don't have the space, you don't have to have a bounce house your party, I've been to a few where they had a face painter, balloon artist, magic show, bubble lady etc etc. and those were entertainment enough.