After living in both cities, I didn't feel like Austin had gotten a fair shake. Here's my take on the real differences: It comes down to levels of intensity.
I'm glad he talked about the difference in funding in SF and Austin. I'm from the Austin area and absolutely love the city, but I've always wondered how Austin was so friendly to start ups when there doesn't appear to be a huge finance scene. I'm a finance guy (not a VC or anything, will be a lowly analyst at a tech company upon graduation)and SF is one of the biggest finance hubs in America. It would seem that gaining exposure for a startup seeking funding would be a lot harder in Austin.