Now I'm in the Bay Area and I often consider getting out but in general the jobs here just have better benefits. I'm not just talking about foosball/ping pong tables. I'm talking Gourmet meals, 3-4 weeks vacation, unlimited sick time, people who want to work on interesting technology problems, great salaries plus equity.
If I decided to leave my job today, there are a ton of good options all over with the exact same comp package, because they have to to be competitive in this area. I could relocate but I'd feel I was held hostage by the other options in the area I chose to move to.
I've seen the other side and it'd take a lot for me to go back.
Edit: I know not all of Silicon Valley is doing pointless startups.
But there are a ton of startups/developers building really cool tech - in SF and beyond - and they end to be older and more interested in real technology vs cashing out their options.
The bootstrapped, 6-year-old former startup I work for is filled with people from their 20s on up past 50s making, selling, and supporting Software as a Service, with the developers hacking away at a RESTful API and Ember.js apps. Plus, we share the building with Kickstarted startups like Pixel Press, VC-funded startups like TrakBill, etc. and we're a couple blocks from an incubator + coworking space with 80 startups at every stage.
Being away from Silicon Valley doesn't make you automatically boring, or a cubicle farm, or even full of old people
"RESTful API", "Ember.js apps", "Software as a Service", "sharing the building with kickstarted start ups".
As an iOS dev here, you can expect to make 85-100k and spend < $1000 / mo on rent. There's also no state income tax, so you get a 9.6% bonus right off the bat. Not too bad if you ask me!