MetalChef,
I have lived in the Austin area for the last 11 years and love it. The busses are convenient and all have bike racks. I live in Round Rock and commute to a park-and-ride which takes me directly to the University (where I work). If you are planning to live downtown (or close to it), you should have no problems living car free. I would if I could talk my wife into it.
Not sure what type of biking you do, so I'll make a few suggestions.
1. The Barton Creek Greenbelt. Excellent trails for all kinds of biking (especially mountain biking)
2. Town Lake. Much more crowded than #1, but a nice trail going around the lake that doesn't require a mountain bike
3. I hear Loop 360 is a nice ride. It's best suited for a road bike
There are some excellent restaurants downtown. Which ones have you contacted? Also, if you're here on a Saturday, you should check out the Farmer's Market in Republic Square park:
http://www.austinfarmersmarket.org/