I've worked in and around startups in SG for the past three years and am now starting my own.
Sure there are blowhards in every community but there is a real sense of a movement happening here in SG. The Hackerspace, good user groups for multiple languages, Pivotal Labs are setting up out here, Joi Ito's Neoteny Labs incubator, a founders institute class has just finished and universities that are churning out an increasingly startup friendly work force.
Plus the weather is great, you're in a regional hub for bringing in wider SE Asian talent, or hitting a beach (cheaply) for a couple of days to get some vitamin D.
There are negatives: if you are a pure idea person rather than technical founder you'll struggle to hire a good developer out here, not because there aren't any but because the community of good devs are sharp enough to smell bullshit a mile off and would be happy plowing their own furrow or joining a startup in which they had more stake. You can't outsource to here.
Broadband and wireless are cheap and plentiful, nationwide free wifi in most coffee establishments.
As an Brit entrepreneur bootstrapping out here there is a lot to recommend the place. For interest you might want to check our 'startup experience' blog, http://nakedstartup.com. Or hit me up on twitter (@andycroll) for a more detailed chat.
In short, I like it, perhaps others might.