This is one of my very favorite hikes in Austin--the creek is beautiful, the woods smell of cedar (most of the time), there's an awesome wall of ferns, and because the trail's in a narrow little canyon, it's a few degrees cooler than most Austin hikes in the summer.
From a non-dog-owner perspective, the trail's leash-free status can be a drawback--sometimes the first quarter-mile of the trail reeks of dog urine, and I've had a couple of scary run-ins with dogs that really shouldn't be roaming freely around people or other animals.
OTOH, as you get further from the parking lot, things get a lot quieter, and the creek is so very pretty and cool. The poster who recommended wearing water-friendly shoes was spot on--it's much easier (and more fun) to wade across the creek than to balance on those wobbly stepping stones.
Be sure to visit in the autumn to see the beautyberries in bloom.