While the network bit is valid, it implies that networking in smaller areas can't still have the same impact in cost adjusted terms, meaning that while your lifetime earnings may be 20% lower, if you're living in an area with 20% lower cost of living its a wash.

When combined with a generally snooty attitude about "small pond" people, it seems like you simultaneously feel that you're going to be the smartest guy in the room and yet aren't smart enough to see the MASSIVE potential benefit of that in a smaller pond. If you have even rudimentary soft skills you could end up a VP of a Raleigh or ATL based company while possibly never even making it out of middle management in SF.