Pink Berry is a delicious frozen yogurt spot. It's become quite the hotspot in Los Angeles. They have two flavors regular and green tea and a variety of toppings to choose from. I love fresh strawberries.
I have been to Sprinkles and it is worth a trip if you are in that area and have a driver so you don't have to worry about parking (which is the worst part). The shop is a good place for a "Shopping on Rodeo Drive trip" photo, but avoid it on a weekend afternoon as the line can stretch down the block.
There is a new cupcake shop just a few blocks away called Crumbs that is getting some publicity as well. Crumbs is from NY so there is a little competition. ;-) Crumbs is at 9465 S. Santa Monica Blvd. in Beverly Hills. It would be fun to taste test the two shops!
Personallly my favorite is Yummy Cupcakes in Burbank and Santa Monica. Their frosting is to die for. And it is easy to park right on front of the store.