I just completed a 3 month accelerator program based in Austin. It is great place to be.My co-founder is definitely returning to Austin once he wraps up his stuff from Orlando. I am also seriously thinking of moving to Austin but am unable to makeup my mind between Austin and Bay area/SFO.
State income taxes could be the deal breaker. It was for me.
Just to make it clear, Texas does not have a state income tax. California has one of the highest.