We just got back from the area, left one day before the snows hit.
2 nights Terlingua, 2 nights Lajitas, 2 nights Marfa. Fuck load of driving but damn, the scenery out there is mind blowing and makes the long drives go quick.
Terlingua - did 4 hikes in Big Bend National Park (Window, Balance Rock, Santa Elena, Hot Springs) - all epic. I was blown away. I can't wait to get back to Big Bend and see more of the park. Ate at Starlight and DB Rustic BBQ - both were fine, basically in the "good enough" category.
Lajitas - if not for the golf course (which is absolutely stunning), this was pretty meh. Dark, dated rooms, expensive everything, good enough food.
Marfa - star party at McDonald was great, Balmorhea was neat but otherwise, I didn't really get Marfa (and those two things are an hour away from Marfa). Food was awesome though - Margarets, Water Stop and Aster were all excellent meals. Sentinel had great coffee and breakfast. Planet Marfa was just a fun bar and hangout.
Next time we go we're spending the full time exploring Big Bend National Park and the state park next door. Well worth the 7 hour drive from Austin.