I live in Austin, have never played the course, and have heard mixed reviews from local GCA types. I'll be interested to see what the pros think.
On a somewhat-side note, there is a proposal to develop a portion of Walter Long Metropolitan Park into what would apparently be a municipal golf course that would be capable of hosting professional tournaments:
http://www.austintexas.gov/walterlonggolfI don't know if Austin CC getting the match play is meant to be a positive sign for the Long proposal, or if the Long proposal helped Austin CC get the match play event, or if they're even related. Nor do I know the current status of the proposal, or do I have much of an opinion about the proposal. Perhaps someone else has more insight.
But I'm sure that the PGA Tour likes having an event in Austin, with the view of the Pennybacker Bridge in the background being an extra bonus.