Wilco
http://www.wilcoworld.net/
Click on the Roadcase link and you can sample some stuff archived from their recent concerts.
They're based in Chicago, and have been around for 15 years, but couldn't write a commercial hit if they tried (not sure if they do). But I consider their lead man, Jeff Tweedy, to be the Bob Dylan-Neil Young singer-songwriter of this generation. They draw on an electic mix of 70s rock and country rock, and helped introduce the term alt-country to the lexicon of modern music in the 1990s, though they have been trying to elude this label ever since. But most important they have their own unique sound. And they rock, and rock particularly well in concert. (As an aside, Peter Buck from R.E.M. was particularly fond of the sound of Wilco's previous incarnation, Uncle Tupelo,, and produced an album of Uncle Tupelo's in March 1992 at Buck's beachside condo in S.C., I believe...U.T. split up in 1995, splintering into Wilco under Tweedy and the group Son Volt under Jay Farrar).
Another favorite of mine happens to be based in your newly adopted city: Spoon. They too have been around since the 1990s but they matured much with their recent albums. I saw them open for Beck last year.
Finally, The Shins.
These are really the only three bands making music these days that I really keep up with, with anticipation.
Finally, as you probably already know, I think Austin (or a nearby city) is host to the South-by-Southwest music festival every year. I think it usually takes place in January or February so maybe you can attend some of that.
Norm,
Based on this post, I'd have figured you were still following Yo La Tengo and Sonic Youth as well?