Unless you're really rich and can literally isolate yourself from all this, SF really isn't worth it. Of course, if you're really rich, you can live down in Palo Alto, around the same neighborhood Steve Jobs lived in, or someplace like Los Altos Hills, Atherton, etc and avoid all the (literal) shit in SF.
SF is past the tipping point IMO. The absurdity of paying $3000+/mo for a 200 sq ft "micro-apartment" finally sunk in I guess. Some other place is going to be home to the next batch of unicorns (well, maybe the third-next batch) and SF will be done for. The city will panic and frantically grant the building permits and provide semi-workable solutions to the rampant crime and traffic problems to try to get some of the glory back, but it will be too little too late.
I think living in Santa Clara County and commuting (preferably on Caltrain) is infinitely better than actually living in SF. There's just as high as concentration of geeks, and its so much safer (three cheers for the suburbs).
