We have been on Lake Livingston since 1998. It is a huge lake (about 99,000 acres). Average depth is around 40 feet, with the deepest in the area of the damn approaching 100'. It is a man made lake, and as tdonoughue stated, stumps can be a problem. We stay in the lower half of the lake, and it is pretty clear. You have to get to know the area! The one thing good that has happened lately was after a major hurricane, the lake level had to be lowered over 6 feet because of repairs to the area of the earthen dam. While this was done, a company came in and removed a lot of trees/stumps (350) in the more populated areas. This was paid for by individuals. The stumps were cut 10 foot below the water level at the time, which makes them 16' below normal lake levels. That has helped, but you still have to be aware and do your homework. Since 98 we have had no major issues just by boating smart.
Some advantages: There is PLENTY of property available. Prices have risen considerably since we bought, but still cheaper than the Austin area. Property taxes are not bad either, depending on the county you are in. Most of the time, the water is pretty clear, for a silt bottom lake. Although more crowded now than when we purchased, the lake is still NOT crowded, even on a holiday weekend. I have been on Conroe, Travis, and Lake LBJ on a weekend, and I wont do it again! Its crazy! We live on the far SW side of Houston (Sugar Land) and it takes us about an hour and a half or so to get to our property just outside of the town of Livingston on the east side of the lake. Access is easy, and HWY 59 is usually pretty quick. West side areas are not quite quick to get to because they are a lot farther from the interstate, but still a pretty easy drive. The lake level is much more stable than other lakes around the Houston area because of improvements the govt did a few years back, to the Trinity river. The last drought we had, Lake Conroe and Lake Houston were down by over 6 feet. Livingston was only down a foot! Lake Travis just recovered within the last year from a historic drought....they were down over 60 feet from normal level!
Some disadvantages: You do have to be aware of stumps in some areas, as I said above...but you can buy a map that gives you a good idea, and you learn the areas that are pretty stump free. The southern half is the least problem, and that is where we spend most of our time. Livingston is a huge lake, so wind can be a real issue. The water can get quite rough at times. In the summer, a storm can pop up our of nowhere, if you arent keeping your eye on the radar. You do NOT want to get caught out in the open water on that lake when a storm is brewing. My guide, because I have been caught twice and scared the crap outta the whole family.....If we hear thunder....we head for the house or at least water that is within a 5 minute ride. There are not alot of amenities in and around the lake such as restaurants, clubs, etc. because it is much more rural that places like Conroe, Travis, LBJ. But that is not necessarily a bad thing either....not as many people! There are not a lot of marinas, and those they have are pretty small, in the event you are planning on docking your boat, unless you get property on the lake and have your own dock.
I hope this helps....we love our place, and would not even consider buying anyplace else at this point. All of the lakes you are looking at are great lakes. Travis, of them all, probably the most beautiful area...but also by far, the most expensive! Good luck in your search!