I live in the Bay Area, although I work for a big tech company at the moment not a startup. It does feel a bit like we're coming down from a high, but not really like a bursting bubble. I've noticed a couple of anecdotal symptoms that make this impression:

- Rent seems to be holding steady or even dropping slightly over the last year, as opposed to the huge run up over the previous 3-4 years.

- There doesn't seem to be much poaching going on from my BigCo to startups -- less of a "gold rush" mentality among employees than at other times.