Fun deep water soloing or water bouldering on solid limestone. Many areas are easily accessible without a boat. It is a Travis County Park and entry is currently $10 per carload unless you have a Travis County Parks Pass.
A park map which shows all the coves and how to reach them can be downloaded here . Water levels can vary drastically, so make sure you check your landings. Bloody Flapper has a guide that lists current lake level and what areas have enough water to probably be safe.
Pace Bend offers both primitive and improved camping. Check here for more info on the park.
The park is located west of Austin, north of 71 on Pace Bend Road.