I'd love to live in a small town in Italy (where I'm from), however - to oversimplify a bit - I am afraid that the type of people that I would normally meet is not exciting or interesting as people in bigger cities (I currently live in SF).
I spent a summer in Sardinia a few years ago. I didn't meet anyone who was a programmer like myself, but I met plenty of people who taught me about food, literature, philosophy, herding sheep, and how to live simply.
I fully understand the appeal of SF and I know that there's more to SF than Silicon Valley, but I'd much rather live somewhere where I'm surrounded by people that I wouldn't normally meet. I feel like those environments give the greatest opportunity for growth and expansion of my personal perspective.
That's why it's difficult for me to even think about moving back to Italy eventually: I am not sure I will like it there.