One big advantage is if you fall on your face you can get a job at Google or Twitter or some other smaller startup. I've found in other places if all goes wrong you're stuck trying to get a job as an IT administrator.
I really liked the weather in the Bay Area but most people I know from LA do not. I enjoyed going to Marin and Santa Cruz, and biking and skateboarding in San Francisco.
That said, I left. It's hard to explain exactly why I left. Although I loved SF, I always had a feeling of impending doom. The social dynamics were also weird to me.