Well, bear in mind that much of my opinion on Waco is dated, but here goes.
Gets really hot and dry in the summer.
Really nice lakes and ponds close to the west.
Heavy I-35 traffic, lots of 18-wheelers, truckstops, and questionable folk that go with that.
Much better cost of living compared to California.
Big University town.
Not sure about Waco bike activities, I think there's more in these areas:
Killeen (large military base), Temple
Austin (University town, lotta bikes, especially XS650s)
DFW (Dallas/Fort Worth) - Super megaplex, massive bike activity.