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Advantages:

1. Tons of SWE openings
2. Weather
3. Chances to work in some really exciting Startups / Legendary companies
4. Highest density of VC

Disadvantages:

1. Cost of housing
2. Traffic / Commuting
3. Brotopia [but that's not limited to Silicon Valley]
4. Recruiting is hard [see #1, #2]
5. Valley has boom/bust cycles and it's been booming for many years