I personally know several people who have moved back to India, both to start up Internet companies and to work at senior levels in multi-nationals.

Given the increasing amount of outsourcing going on at Silicon Valley companies, it's harder for experienced people with high salaries to find a new gig here; many of the software centers in India, conversely, are in the middle of a major boom.

Having said that, working conditions and norms in these countries are quite different, and it takes quite an adjustment to settle down there.