I do - an excellent point. Don't get me wrong, I love coming out there to visit. (Especially in June/July/August.) But the cost/benefit seems way out of whack unless you've already done a startup & have an inside straight to more startup $, or already have family in the area.
It's not just me: http://www.quora.com/Silicon-Valley/Whats-the-dark-side-of-S...