definitely alot of changes over the past 20-30 years. Back before the '90's, it was cheap to live there and had a real funky vibe that was unique and very natural. Then it became Silicon Valley #2 and alot of money came flowing in. The whole area started growing @ 30-50% a year for like a decade or so, and never really quit. So now you still have the funky element there to an extent, mainly in south and east austin, but all of the yuppies around have this faux-funky thing going on trying to imitate what austin was about, and that is more annoying than anything and somewhat spoils it for me.
Definitely not a cheap place to live anymore. Once you get out of those smaller remnants of old austin, it looks like anywhere else, other than the unbelievable number of mcmansions all through the hills.
Still, much of the natural beauty is still there. Barton springs is still there, and the Barton Creek greenbelt running into town shill has alot to offer, with the bike trails, rock climbing, hiking, and excellent swimming holes when the water is up.