I've lived in both cities, too and frequently visit the Dallas area now. Which city is better for you? It depends on what you like to DO, how you like to live. Here's my comparisons:
High-end decorating, fabric, furniture, clothing shopping: DFW
Funky, ecclectic shops or chains: Austin
Pro-sports games: DFW
Minor league or college games: Austin
Eating out at a LARGE variety of nice restaurants: DFW
Eating out at a variety of restaurants: Austin
Major music acts in large venues: DFW
Outdoor concerts, music festivals and a music culture: Austin
World class ballets, plays, orchestra concerts: DFW
Smaller venues for ballet, plays and a rare orchestra concert: Austin
Major, touring art exhibits: DFW
Art exhibits: Austin
Boating or fishing on lakes: DFW
Boating, fishing, sailing, swimming on scenic, clear lakes; tubing, rafting, swimming on clear rivers: Austin
Jogging on paths in parks and around a small lake: DFW
Jogging, hiking, biking, climbing around lakes, creeks and hills: Austin
Big city with big city crime rate: DFW
Medium city with low crime rate: Austin
Good schools with large student poplulations that limit student participation: DFW
Good schools that in general, encourage student participation: Austin
Good people that tend to be church-going conservatives: DFW
Good people that tend to be liberal and eco-conscious: Austin
(Yes, I know both types are in both places

)
And when I say Austin has a music culture I mean that music is EVERYWHERE: Grand opening of a grocery store? Bands play inside. Grand opening of a shopping center? Bands play in the parking lot. Opening day of a new tollway? Bands play on the roadway. Bands play in the airport. Bands play for small town festivals and street dances. Kids concerts are everywhere, too: in the schools, at the Wildflower Center, at the music festivals, at the libraries. This is one of our favorite things about!