I've never heard a German not from Bavaria recommend living in Munich! Among my German friends (both in IT and elsewhere) it has the reputation of being the place for Bavarians, CSU-voting conservatives, and tourists looking for Oktoberfest and lederhosen. I think they're particularly annoyed that Americans' image of what Germany is like is so heavily based on Bavaria, too.

Their recommendation if you want to make a lot of money is to live in southern Baden-Württemberg and commute across the border to Switzerland, or if you want culture, to live in Berlin...