That was the impression I got... a program that is confident in itself and knows its on the way up... (way up). In American I met with Shaw, McDaniel, and Leal, and corresponded with some others. All relatively young, but all great scholars. That seems to be the biggest weakness-- it is a pretty young faculty. I would think that letters from younger scholars won't make that big a splash when I enter the job market, particularly when I'm competing against other job candidates who studied with bigger names. But, the environment seems pretty good.
In terms of job placement and the respectability of the program (which is how a lot of us end up making decisions, assuming the fit will be good study wise)... I get the impression that, if I decide on Texas, it is likely that I'll be a bit handicapped when I first enter the job market, but given how serious the department is about moving up, and how good the young faculty members are, the degree will have serious staying power and only increase in value over the next 10+ years.
It's a bit of a gamble (particularly if you've got offers from higher ranked schools). You've just got to weigh the risks involved.