Getting a new job can be hard. Your options for big companies that hire tech people in the area is GE, Altria (Phillip Morris if you're okay working for a tobacco co ), CapTech, UPS, VCU... But it isn't like Google, Apple, etc. Your options for smaller companies are bad. Some startups have popped up there over the years but they have pretty unanimously been bad.
You get paid less. It's harder to advance in your career. You can't really get by without a car like many do in bigger cities.
Richmond is a very nice city, and I enjoy going back there for a week every June, but to call it a New Silicon City is crazy. Sure you can buy a house if that's what you want to do. There's a reason talented engineers flock FROM these areas, though.