If schools are not an issue then you have a lot more options in terms of cost.
The next issue is prevalence of crime/safety. Fremont is a very safe place to live, but as you go along the BART corridor there are variations in this factor.
If you don't mind endless daily commutes then you can also look beyond the Pleasanton/Dublin corridor where there are good schools coming up with relatively affordable home prices.
Fremont schools are a very mixed bag and while they've improved recently thanks to gentrification they're not fantastic historically. There are still quite a few moderately poor schools mixed in the Fremont district.
For your comparison:
http://www.greatschools.org/california/pleasanton/pleasanton...
http://www.greatschools.org/california/fremont/fremont-unifi...
http://www.schoolandhousing.com/mobile/
Mission San Jose in Fremont is one of the top 10 public schools in terms of API & SAT in the state of CA.
Unlike Fremont, all schools in Pleasanton have excellent scores. There is no concern of rolling up into the wrong schools depending on where you live, availability, etc.
Definitely consider proximity to transit: the current surge in employment has lead to a surge in traffic jams. The three main transit systems are BART, Trains (Ace and Amtrak Capitol Corridor), and the Dumbarton Express bus.
Feel free to ask followups -- I'm a born-and-raised.
A lot of the non-Indian people that I have talked to mentioned a desire to move because of that, especially Chinese friends.