I am getting to old geek status myself. From a more cynical perspective, I am not sure if we can compete with early twenty-somethings who are unjaded and buy into the silicon valley mystique. They are willing to work 12 hour days and still do the faux-japanese salarymen afterwork socializing that supposedly builds "culture". Older geeks don't buy into this ping-pong table propaganda. Tech companies probably won't be…
I personally think that 95% of organizations out there only need/want what the 23 year olds can provide.
I'm holding out hope though that when it comes to truly valuable and technically challenging work that more mid-level to large-ish companies still have teams that value the stability and vision more mature developers can offer. I think this is my last startup for a while.
I think this article hit the nail on the head. It takes a very mature and self-assured person to hire someone more qualified than they are and then hand over the commensurate freedom and responsibility along with it.