I guess it depends what you consider important. I moved here recently. I don't disagree with much of what you say - but for me nightlife, social circles, name-dropping, and sycophants are only background elements.

What I do think are important are: 1) the very talented people I meet that come to the valley from all over the world both to live and to attend the endless flow of conferences, 2) the entrepreneurs and researchers I meet who are trying to change the world (in those words), and 3) the wide availability of resources (people, funding, advice, etc) for my startup.

These things I consider most important have actually exceeded my expectations about the valley.