This place has the best views in Austin -- I wish I could say the same for the food. But let's get back to the views. The multiple redwood decks are cantilevered out over 450 foot limestone decks with a 270 degree view of beautiful Lake Travis. The sun sets behind the hills that surround the lake. Texas sunsets are justifiably famous, even without the lake underneath them. If you go during late afternoon, you can get a good table without reservations and just hang out there with your margarita or mineral water and nachos, waiting for the blue-green water to turn dark blue, while the sky bursts into color. When the sun actually slips below the horizon, they ring a gong and everyone applauds.
If you don't come well before sunset on the weekends, it might be hard to get a deck table without a long wait. They don't take reservations for the deck seating, so people arrive, give their names to the hostess, and then browse the pretty grounds, shop in the souvenir/antique store while waiting, or hang out at the bar.
There is frequently live music.
Sometimes, especially near sunset, it can get very windy, so bring scarf or something if you don't like to hold your hair with one hand and your fajita with the other. It's been windy about one in four times that I've gone. I've been going here since the early 80s and the view continues to take my breath away.
The food continues to be mediocre -- but if you stick with the Mexican food, you won't be disappointed. They make okay to good drinks. They charge for the basket of chips and salsa, which is a freebie at every other Mexican restaurant in Texas.
If it's windy or cold, get reservations for a good indoor table. You'll still have a great view -- but remember you're here for the view, so if the weather is bad (rare), you'd best go to a place with stellar food. I consider this a budget place because of the view -- it's a small price to pay for the dining experience, even with the so-so food.