The Eastside Flats are the best of both worlds in Austin. I was a quick 15 minute ride from downtown every morning (I was staying for SXSW) but also felt like I was staying in the "hip" part of the city, which was interesting, quiet, and much more low key. I highly recommend it for avoiding some of the insanity of the downtown area, and for an authentic experience.
The Flat is extremely well outfitted with the best of everything, best sheets, best towels, best coffee, best amenities - I saved a lot of money by enjoying the breakfast snacks Ryan and his family had left for me, and enjoyed the wonderful touches they included like fresh, home made cookies.
Don't hesitate to book, it's in a wonderful neighborhood a short distance from parks and great restaurants.