Pros
Austin has few opportunities for design engineering despite all the hype of being a tech center. Being a traffic choked city there are very few opportunities where your commute is reasonable. If you're coming from California to Austin your salary will go a long way--but if you're hired from Austin direct, expect to get a Texas salary. Big delta between native Texan and California import salaries. Good health benefits, stock grants (RSU) can be great if the company is doing well.
Cons
Lots of work that cycles between normal full time and extreme weekend and long days. Schedules do not take personal life into consideration--when the project is hot you'd better be ready despite kids, school, wife, or other life commitments. Very low commitment on part of company to employee development. Lots of recognition if you do a patent but that's about it. Company policy is vacation at manager's discretion. Nerve wracking for shy people with managers that never say "take time off." You've got to ask and the vacay has to meet your project's schedule (see above).