I walked down there with the family on Sunday, check out my pics here:
http://www.flickr.com/photos/bigtime...7625209647239/
The area has AMAZING potential, the key is to develop it properly and not restrict developers with garbage rules like including faux-western architecture (or as we call it on SSP 'Stampitecture') in the designs. Let it become messy urbanism, with all sorts of styles, densities, and sizes to really make it its own area.
Another key factor will be how the EV can integrate to the east Beltline. The new 4th street underpass will be much better in design than all the previous ones, and with the Cantos/King Eddy building right there it should help pull more development to the EV and east Beltline in the next cycle. Also don't forget about the Stampede expansion plans, which include turning 4th street into their "Stampede Trail" development, with shops, bars, and restaurants.
As much as the east Beltline has changed with Sasso/Vetro, Nuera, Keynote, and arriVa the next jump should be even more incredible.