Joining the startup world - remain in "province" or move to Silicon Valley?

I've been struggling with answering this question for myself for a while and as I read on the realm  a set of options is widening instead of shrinking. The title question may seem to be obvious and drive to the immensely polar answer - Silicon Valley - but in reality the question should be re-asked differently. If you live in a big enough American city should you relocate to SV to make your startup adventure easier? By adventure I mean either creating your own startup or joining  an existing one. The former entails  rising funds, hiring people, organizing office, etc.  The latter makes you choosing the most attractive position from available options.

The question is very relevant for me - I live in Atlanta and as an option consider after completing my MBA to open a startup navigation, leaving my current job in SAP. I'm not trying to reiterate the well known reasons of why SV is the Rome of high-tech ventures explained and opposed  here, here, here, and here. Instead, I'm seeking for arguments whether it's possible to stay in Atlanta and achieve desired targets instead of locking myself in a void of opportunities.

On one hand, in the Bay Area a number of vacancies and VC groups looking for promising ventures is bigger - so there are more options. On the other hand, in Atlanta (or any other  city with sufficiently provided resources, infrastructure, and local VCs) the number of challengers is smaller hence one's candidacy may meet less competition.

I'm attending a presentation of Marc Fluery (the JBoss guy) next week where hope to ask this question but will be very interested in others' experience and findings. What are your thoughts? Does the province have its piece in the startup world or better off plan to move to the capital?

Update: Johanna Rothman helps to answer my questions.

Technorati tags: startup, VC, Silicon Valley, Atlanta