Hey cwilson, can you elaborate on why you think "meeting the right people and getting your name out there is just SO much easier" in the Bay Area? Do you mean getting your name out to customers, investors, potential hires, potential acquirers, or some combination?
I'm not cwilson, but... all of those. The Bay Area has more hype for new startups, more investors, more software engineers, more acquiring companies, and more early adopters who will try your new site (and quite possibly pay for same).
I'd also highly suggest moving to the bay area. Meeting the right people and getting your name out there is just SO much easier (we just did this and it's night and day, regardless of Austin being a good startup town as well).
We're in the same boat, we just applied for Winter 2011 with what we think is a great team, solid idea, and some early traction. If we don't get in we'll still be focusing on launching, traction, and listening to our customers early on.