I'm actually a senior at UT Austin right now in the Turing Scholars honors program. Here has been my experience so far...
Disclaimer: If you don't work your ass off you don't get results, so remember that a lot of this is dependent on how motivated you are.
1. Classes
Ain't no joke. Though I have mostly taken honors variants, nearly every course has a well built curriculum. UT also has this sweet as fuck teacher rating lookup service. I used this every semester to get the high rated professors for each course. I actually have swapped around my semester classes quite a bit just so I get into a course with the awesome professors.
Oh yeah, the professors are super engaging. In all my courses I think I've only honestly disliked two CS professors, and even then they were fair in their grades, I just didn't like their rough attitudes. This isn't necessarily the case for professors outside of CS though.
2. Events
Oh man, this is great. Join every major computer club (ACM, etc) and watch the company talks roll in. Pretty sure at some points in the year you can get a free dinner every night for a week just because these companies come in with their catered Freebirds and shit. Keep a few fresh copies of your resume in your backpack for easy shots into interview opportunities.
3. Job fairs
The CNS job fair includes the CS department. It's EXTREMELY stacked in your favor. Just take a look at the company list, literally 90% are looking for CS. Ridiculous. And between the fall and spring fair pretty much every single big name company comes over. As a freshman I went to the pre-fair workshops that the CNS careers committee held, and polished up my resume with their help. I've gotten an internship every year. Based on my peers and my experiences I do believe that putting your Turing/Deans scholar status on your resume helps getting those initial interviews.
As a side note, I have a friend who got a job at Google with a 2.4 GPA. I'm fairly sure companies treat UT as a top tier campus if he could get in without saying a single word about his GPA. Seriously, he leaves it off of his resume and not once have I seen him get called out on it. They don't even care.
Yeah so that's pretty much it. There's so much help for you to get your feet off the ground here if you look for it. Actually you don't even have to look for it, as long as you aren't blind or supremely lazy chances are you'll be on top of everything when you graduate.
I love this university.