$125k SanJose, short term money setback vs. long term career gro

Hi Friends with living experience at S.V. area,

Is this a reasonable offer at Sunnyvale?

- New Job: the new project is my dream project, gsm/umts stack integration and troubleshooting on a new chipset for a new concept mobile. THIS IS THE BIGGEST CHARMING PART TO ME, and the new boss is a nice Chinese from mainland too.

1)location: Sunnyvale.
2) base is 125k, may have a bit upward adjustment.
3) 15% bonus will be discounted due to business status and new projects investment, the possible practical bonus in next year may be 7%
4) (stock option + restricted units) less than 1700 shares
5) other benefit is typical, 3weeks vocation, not very good health insurance, relocation provided
6) title sr engineer, not sure if they set "principle" level or not

Cons:
1)my short term income has no increasement, even a bit setback.
2)life uncertainty higher, job security lower, workloadd higher

Pros:
1)my long term development will be much better (possible to be a team leader, low level labor technical manager. if go back to China, very helpful of the experience/skills). I have inspiration in that area. Full of interests and passion of wireless stack and mobile sw.
2)Even laid off in 2009 (if new projects failed), easy to get a decent job anywhere at USA/Canada/Europe.

- Current job: at L.A. area, base around 110k, stock income around 25k, pretty good health insurance, everything is really good except for ONE-I DON'T LIKE THE PROJECTS (too 'easy', no challenge, tedious, market growth low)

- Wife Option: she doesn't want to make a change at all first. she works happily at a pretty big company, everything is good except her salary is too low for her experience and skills and contribution. Seems she can have a promotion soon.
yet she agrees to move with me, if i love the projects at new company so much. And she will look for a new job at south bay area.



- we can choose to stay at L.A. area, with a 'relaxed' life. will be 37 soon. My company & hers are in good shape, and will be slight better in next 2 years. It's just i give up my personal technical dream/intereset.

- Thanks to Beijing 101!
with his summarization last time (corporate culture, advancement opportunities, workload, housing price ...), i figured out: Qualcomm is not good for me (do a small piece for a long long time, salary low, option only ). L.A. vs S.V. now.