I would also add a 4th point that the lifestyle in the bay area is very different. I find it far higher in cities like London than in the Silicon Valley -- this is of course very subjective, but it closely mirrors the opinions of those who graduated with me. The closest city to London here is SF (which pales in comparison IMHO), and living there may require a very lengthy commute unless your company is actually in the city.

Of course, if you love nature, the bay area has its perks :) but be ready to spend a lot of time in a car.