I know how bad those gigantic steel power lines look. What's worse to me, is that they don't even get rid of the regular lines, where at least trees could grow without having to be mutilated.
http://www.eia.gov/todayinenergy/detail.cfm?id=7250
Anaheim, California, decided to completely convert its system for aesthetic reasons. To minimize the impact on customer bills, undergrounding is taking place slowly over a period of 50 years, funded by a 4% surcharge on electric bills.
I would be in favor of 4% surcharge/month over 50 years to bury all of Austin's lines. Maybe I'm crazy.