Related question: if you're not aiming to raise money or grow big fast, how important is it to be in a tech hub? I live in Waltham, right outside of Boston, and am considering moving somewhere cheaper and warmer because the benefits of building a company here (or SV) don't seem as important if you're going the MicroISV/Micropreneur route. Thoughts?
It's unclear what stage you're at right now from your question, but being in a tech hub isn't always as important as you think. If you grow beyond a certain size (hard to quantify; there's no hard-and-fast rule here), you'd be foolish not to have at least an office in/near one of the large hubs, but that's not necessarily the biggest consideration at the beginning.
By the way, this is one area in which tech isn't really any different than any other industry - you'd be surprised how many companies in the financial sector have headquarters elsewhere and simply have a (rather large) office in New York (though not usually on Wall St. - that's more of a metonymy than the actual center of business these days).