I've lived in suburb of DFW for 4 years and lived in Austin for 8 years and have made plenty of trips to Houston and San Antonio.
I prefer Austin though DFW area has a few advantages over Austin.
Things I like about Austin :
no snow and doesn't get that cold. You won't have to heat up your car early and scrape ice off your winshield, shovel the driveway.
College town so a lot of cool hangouts and bars yet Austin is a large enough city that that is not all there is.
Decent restaurant scene though not nearly as good as Dallas or Houston. About same level as San Antonio.
Lots of Outdoor activity nearby aside from winter sports (less than an hour away from boating, non pool swimming, rock climbing, hiking, scenery)
Lots of music venues. Any given night of the week I can go and listen to live music for free at any of a number of bars. Site of many concerts and music festivals (Austin City Limits, South by Southwest)
Good sports options. Great town for college sports and pro sports games of the other 3 big cities are at most 3.5 hours away.
Very casual. Almost no place in town where you can't go in jeans. There are decent number of rich people here but very few that exceedingly flaunt it as compared to other cities.
Bad things about Austin :
It is hot. There are maybe 3 weeks of spring and fall. Summer starts at the beginning of march and lasts until end of October. Though it is a drier heat than Houston. During August, you will face many days that are 95+ consecutively.
Traffic is getting worse. Not as bad as central Dallas or Houston but Austin traffic is getting worse.
Lack of Art Museums/good Zoos though the Art Museum situation is getting better with the finishing of the Blanton Museum.
Houses are probably the priciest in Texas especially in the really good school districts of Westwood and WestLake. 300k will get you in to Westwood but not WestLake.
It will be tough to get you in to a home with lots of trees for 200k unless you are willing to live in small home (1500 to 1700 sq feet) from the 60s or early 70s. Most suburbs are fairly new in Austin so trees are like 4 feet tall. Suburban houses lack character but are bigger (easily get $80 to $100 per square feet).
Hillside houses in Austin start at 550k, same thing with houses near campus and downtown.