It has no state income tax, low corporate taxes, does just enough regulating to get the job done, cares for the environment without making a fetish of it, lets its legislature meet for a relatively short period just once every two years, keeps the executive branch slim and trim and is a right-to-work state where unions don't get to grab dues through governmental coercion. (boldface mine--Darren)
OK, I highlighted two great points, but is there anything in that quote that's a "bad thing"?
Update, 6/19/11: California is losing companies (and jobs) in droves, and Texas is the top destination. Chart and further information here.