If you have some lazy habits, generally just want a nice place to work, and to afford rent, a car, good food, and to play xbox, I might choose elsewhere. Or maybe not.
If you have an idea and some drive, it's an utterly fantastic place to live. Sure, in some places the rent is a little high and the burn rate in general can be large, if you're able to network and work your ass off, it can be perfectly doable.
I like SF quite a bit. I'm not sure I could live here for 10 years (I'm grew up in northeastern Ohio), but for the time being it's definitely where I want to be and I've been pretty satisfied so far. Good people, good nightlife (in most places, NOT the valley), and good work environments.
Oh, and good coffee. That counts too.
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