I don't work in films. That being said, the same type of film boom is happening here in Boston because the city decided to make a tax credit available to Hollywood studios. See the departed -- the towne, etc.
There is tons of tech here in MA too, which matters little to me since I am not a tech guy. Lots of software and weapons development out on 128.
I'd say the number one college down title is debtable since there are 75 colloges here in Boston. Who gives that title? Boston has won it before.
Austin = No ocean -- no skiing -- no fall -- smaller salaries -- far from DC and NYC -- etc.
For me Boston is better (I agree Austin is a cool place, though).
I'd say as a whole Boston is considered superior to Austin due to it's importance to the US economy, it's place in History and the overall opportunity that comes with living in the city. The price of real estate backs that up. Of course that does not mean that it's a better place for you, or that Austin is not a world class place to live!