Austin -- the "hill country" of Texas -- is pretty, cosmopolitan -- very nice. It's also one of the worst kept secrets around -- a lot of people move there and a lot of UT students STAY there.
Raleigh is quiet, laid-back -- pretty country in its own right. Maybe a better place if you have kids.
Both are nice. If you think you're going to need "big city" entertainment, etc. you're probably more suited to Austin.
If you like a more sedate, campus-like living style, give Raleigh a go.
I guess what I'm trying to say Al is that you've got some GREAT choices here.
Good luck.