We moved to Lakeway TX about 6 years ago from Atlanta GA as part of a corporate relcation. Lakeway is maybe 15 miles west of Austin TX, and has a small town / resort lifestyle we have not found elsewhere. We found the cost of living to be comparable to Atlanta, although Austin in general, and Lakeway in particular, are among the most expensive towns in TX. We have no State income tax in TX, so they make up the difference in sales and property taxes- which can be breath-taking.
We have water sports, boating, sailing, skiing etc on Lake Travis, right in our back yard, 5 golf courses and a fabulous tennis facility (16 courts) within 3 miles of our front door. Lots of outdoor sports if you don't mind the summer heat. (You do get used to it after a few years)
The weather is HOT here, with summer-like temps of 90's and well above beginning in late March and lasting through September. Winter weather is fantastic, with average daytime temps in the 60's and overnight lows in the 40's. Once or twice a year we have had a hard freeze in the teens to 20's. I like to tease my northern friends that I play tennis outdoors in winter while they shovel snow and scrape ice off the sidewalks.
Area schools are very good by TX standards, which is not saying much. High-school sports are HUGE here - Lake Tavis High won State football 3 years running.
Employment is decent here (Austin) if you are college-educated and have good technical / managerial & people skills. Lots of mid- to upper-level management jobs in a variety of fields. I have been out-of-work (laid-off) once and was able to bounce back at a comparable salary level while staying local after a few months of looking. We have virtually no heavy industry - and no major pollution issues either. Our biggest issue is water supply - we have water restrictions on outdoor use for 6 - 8 months / year due to too many people for the resources.
TX politics are a source of much amusement to us - albeit something of a gallows humor. The yokels we have running this state, starting at the Governor and going down, seem to to think the answer to every problem is to cut taxes on the well-off, while cutting services to those less well-off. TX would be a lousy state for those without a decent paying job and good benefits.
All in all, Life is Good here in Lakeway (Austin) TX.