There are no real no-go places like there are in Chicago. East of I-35close to downtown is the "bad" area, but it's not like you'll get shot if you drive through it.
Austin is probably the best city in Texas to live. There's the UT (Iniv. of Texas) crowd, which tends to be quite liberal or otherwise colorful. Austin is also the state capital, so there's a bunch of state gov't people here, too.
For industry, tech is probably the biggest. Dell, Motorola (Freescale), IBM, Applied Materials, AMD, Samsung, and a plethora of smaller companies are in Austin.
Traffic sucks during rush hours.
....and thare's a bunch of ARFComers who live here, too!