SF = really expensive
CO = really cheap
I've never lived in Denver, but I interviewed there. I've talked to about a dozen people from there who absolutely love it (very friendly, lots of outdoor activities, gorgeous, etc.). I decided not to go because we don't have family anywhere near there. However, there are a number of firms there that pay 160k and the cost of living is very low.
For example, click here
to see CNN Money's cost of living calculator. 160K IN DENVER IS 266K IN SF!!! Even if you made 266 in SF, though, you could *never* buy a house there like you could in Denver. Denver is one of those unique places (along with some Texas cities and other locations) that just has a dirt cheap cost of living but market pay. I don't think there are a lot of 160k openings there, but if you can get one you'd be set. I interviewed w/ Cooley Godward (which is actually even better cause it's in Broomfield - 18 miles outside of Denver). One associate said he had a 5 bedroom house on an acre and people made fun of him because he had the cheapest house of anybody there. Not to mention the fact that everyone there has almost zero commute.
In general, the offices there will be smaller and you probably wouldn't get the same level of work (even at the V100 firms) that you would on the coast, but I think that's a small sacrifice to make.