Out of all 4 of those places, Reno is by far the most fun. Between the skiing, hiking and awesome bars the quality of life in Reno is unparalleled. We have a ton of amazing local bands. A burning man party is one of the craziest parties you will ever attend. The weather can be harsh compared to California, but I personally love it. It's hard for me to imagine living anywhere else.
Austin is fun, but is a swamp and overcrowded. San Francisco is also fun, but is incredibly overcrowded and expensive. SV is kind of boring, and too family-oriented for a young person.
The only problem in Reno is the job market. I know a lot of talented IT pros who have trouble finding a good job. Reno's economy is dominated by Casinos and Finance. Almost all of the talented programmer I know from Reno have wound up in SV or San Francisco. UNR isn't producing enough people trained in IT fields. The tech job market is anemic. Nepotism and the "Good Old Boys Club" run deep in the Reno economy. Nevada is much more corrupt than most states.
Reno will never be the next Silicon Valley or even the next Austin. We simply don't have an educational system to support it. The Bay-Area and Los Angeles are a huge brain drain on the Reno area. I think Bloomberg hit the nail on the head with deeming it "Silicon Valley's Back Office". Reno's place is a great place to do manufacturing and run data centers because of it's location and lower cost of doing business.
I will probably be moving to another city soon because I simply can't find a good job or enough work freelancing in my field (Front-End Web Development). Reno is my favorite place to live, but it's hard to take a ~50% pay cut to live here.