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.
Current water level as of this writing - 624' - not safe for any DWS. The old DWS routes are good for traditional bouldering (though most areas at this point are completely overgrown), but make sure you take a crash pad. Water levels will need to rise another 40-60' before this area will be safe for DWS again, and that's not happening any time soon. :(