If there was only one fashion show in Austin that I could suggest you attend, it would probably be this one. Of course, I say that having NEVER even been to Fashion Freakout (I wanted to go last year but wasn't able to). However, the things I have heard/ videos and photos I have seen from the Fashion Freakouts in the past lead me to believe that this show is amazing.
The best part about Fashion Freakout is probably that the style they portray in the show is so Austin. Example: at the Fashion Freakout show last year, one of the male models walked the runway with a beer in his hand and took a swig from the bottle when he "posed" at the end of the runway.