I saw their talk on Slush conference today. Impressive idea, this seems to be just their first teaser product.
Like it already.
Well, in the Bay Area all signs are pointing to Oakland. It makes obviously sense.
Remote working engineers are paid for their performance on the "remote market". So you don't compete with engineers in SF but worldwide. Maybe you will have a different salary than a engineer in SF, but it doesn't matter if you live in Austin or in Auckland.