Once you have VC's, are really raising money, have advisors, this is definitely the place to be. That doesn't mean you can't ever leave, or work in other places from time to time. If you absolutely hate it in the area, your product will suffer. If you also like to bounce around sometimes, and are very productive, you should do it. Bring your co-founders with you. Make sure they have the same mindset of working in different areas.
That being said, have a headquarter. Probably in Silicon Valley. Be a resident in the bay area. But by all means, don't subject yourself to never working elsewhere.
