It's a great area - super pretty and lots of stuff to do nearby (outdoor activities, bars, restaurants, etc...) The biggest issue is access to the rest of the city. To get to Mopac, you have to either head west on Barton Springs and then loop back around, or go up Lamar (really congested) and loop around on Lake Austin Blvd. So, if you're working nearby, there really aren't any cons. If you're commuting, definitely take that into account. The only real negatives to Austin are the hellacious summer temps & the traffic. You can't do anything about the summers, but living close to work is a huge plus.