I shit you not -- if you are in San Francisco I can take you out partying and you'll have a job you love the next day <-- this is how retarded easy it is to get a software job in this city -- EVERYONE is hiring
This happens a lot with agencies, where they locate their sales, marketing, even designers in say New York or London, meanwhile the bulk of the company is elsewhere - in locations with high unemployment and lots of developers.
In those areas you might have 20, 30, maybe 40 developers all applying for a single position.
I've built up a (profitable) tech startup in Canada in the last few years, and get valuations in the range of 20 times earnings or 2 times revenue. Respectable compared to the S&P 500, but laughable compared to what seems to be the norm in the valley (or at least what seems to be the norm based on what I read here)
Not that i'm complaining, i love canada, but something to consider.
...locations with high unemployment and lots of developers