Several members of my work team (6 in total) attended a conference in downtown Austin this spring, and decided to stay at The Cosmopolitan instead of booking the $$$ hotel rooms. I was a little apprehensive about the amount of "together time" we'd have, but the cost savings alone were worth it.
This was a GREAT place to stay. You really can't beat the location. The convention center and light rail are right across the street. There are plenty of great bars and restaurants within walking distance (we loved Second Bar and Kitchen, and LaCondesa), as well as lots of good music right around the corner (Maggie Mae's was a group favorite). It's also worth mentioning that there's a Starbucks and a great yoga studio right across the street (got to get your fix, right?!). It's an easy walk to the river/lake trail, shopping, etc. In terms of value for the dollar, the Cosmopolitan really comes out on top.
The condo, itself, was well-appointed and clean. Check -in and check-out were super easy (most simple experience I've had with a HomeAway rental), and we had no problems getting in and out of the building/condo. We didn't use the parking, but it would be a real benefit if you had a car. There were six of us, which I think was probably the right amount of people for the space. The bathrooms were stocked with plenty of soap, shampoo and conditioner, and there were more than enough towels/washcloths for everyone (not always a given when you have six women sharing a space!). If we wanted for anything (we really didn't), it would have been nice to have more seating in the living room. But in the grand scheme of things, that's a pretty minor complaint.