I was re-reading pg's essay and it convinced me to move to the Valley (today's Florence), but now I hear that there could be a bubble and I could be too late. Any advice? (Currently living in Beijing, which is said by some to be China's Silicon Valley, but hey, I don't smell any sign of real innovation here.)
If you are doing something important and useful well, where you are and what is going on around you doesn't matter much.
I imagine if you start turning over some rocks in Beijing you will find some interesting innovations. You live in a country with like a zillion people. Somebody over there has to be doing something with social that blows crap like facebook away.