I'm facing the same situation. As far as I can tell, the schools are roughly equal.
Therefore, let's talk finance:
-- UCLA has a higher tuition.
-- UCLA has a higher cost of living.
-- You'll presumably establish residency in California to pay in-state tuition but then, ooooooops! Remember that nice summer associate job you were planning to save money from? Congratulations, a good chunk of your earnings just got gobbled by California's income tax. Texas has no income tax. That's right. Zero. Zilch. That's definitely a huge advantage when you're just a student trying to get by.
The stats bear me out here. Average UCLA debt: $58 large. Average Texas debt: $48 large. (US News World Report; that's the 2003-2004 edition, but the trensd haven't changed).
If there's nothing drawing you to UCLA over UTexas, then you should totally go to Texas. It's that simple.
I'm visiting UCLA in a couple of weeks, and I'll report my impressions. However, they'd have to be really damn impressive to beat out Texas. If UCLA is exceptionally good at what you want to specialize in, go there. Otherwise....