^^ You bring up good points Bevo.
Honestly though, at this point I don't think any of us even care anymore. It's may be just F1 or it may be things much beyond just that. I mean lets look at Austin's accomplishments just in the post-recession era. Many new "talls" proposed for the city. The city crowns itself as one of America's top film destinations and has one of the greatest film industries in the country (ESPECIALLY for its size). Its music scene is known for being the "live music capital of the world", whether that holds true on the world stage, doesn't matter because it does exist in Austin and it takes credit for it. Then the music scene expands from that and becomes a huge rock and roll, indierock, pop scene with many talented bands and acts. Let's face it, it has one of the best and most stunning topographies in the country and the lakes and rivers in the area so helps.
Let's move beyond that (the obvious) now. It's not only F1 but MotoGP (world championships), V8 Supercars, American Le Mans Series (US & Canada event), and one more type of racing will all be held in the circuit along with F1. That's just phenomenal! Just over night (the night the circuit opens) it will change and add to Austin's reputation both nationally and internationally. V8 Supercars is hugely followed around the world particularly Australia. MotoGP is like the F1 for the bike world (on an international scale), and American Le Mans should get our Cannuck brothers up north viewing.
Lets move EVEN beyond that. Austin gets no attention for this at all but it just made its GLOBAL debut as a global fashion center (along with San Francisco, both making their first debuts). They're joined in North America by only New York, Los Angeles, Las Vegas, Miami, Chicago, Toronto, Mexico City, Dallas, San Francisco, & Atlanta. http://www.languagemonitor.com/fashi...shion-capital/
Stuff like this happening for the city often now: http://www.languagemonitor.com/fashi...shion-capital/
I lived in Asia before and am willing to say that UT is one of the most recognizable schools from the US. Lots of people wear the orange longhorn clothes even though they have no idea what it means, its a cultural thing that's gone way passed just Texas & the US. Not to mention UT is one of the best schools in the country and especially for a public university, awesome.
Tech is a given. Diverse economy is a given. Austin is becoming Texas's creative capital, music capital, & film capital. It's name is growing abroad, Las Vegas had the same exposure happen because of gambling and the strip, its suffered for it during the recession but it goes to show you that all you need is one high profile event to catapult you up there. Just ask Atlanta about the Olympics. The difference is, Austin's getting way more than "just one" event/sport and its growing in many other things very fast (fashion, music, film, culture, even politics).