Disappointed. This actually reads like an eHow article. Almost all points are trivial, and are nothing more than pitching the other side of the coin (of why you should start your company in the Valley):

Indepedence? SV: Connected

Low Cost of Living? SV: Center of the Universe

Lower Wages for Top Talent? SV: Where talents are

Fewer Nearby Competitors? SV: Where the action (people/market) is

Relative Obscurity? SV: World renowned

I think the question is something most entrepreneurs in and out of the valley have thought about a lot, myself included. I personally very much like to see more action in Pittsburgh and Portland (OR). I don't think the author offers a very compelling, deep argument beyond what a content-farm author can put together in an hour or two.