There was a forum focus on Austria last month so you might find this of some use:
viewtopic.php?f=3&t=31421I think the accepted wisdom is the Austrians produce excellent Rieslings and their native Grüner Veltliner (at this point they are about the only ones who grow this varietal). There are some other well regarded whites, the Sauvignon Blanc made by Tement has been touted. With reds look for Blaufränkisch, Zweigelt, Pinot Noir, etc.
They have a rating system similar to Germany's, though in Austria at the higher end it goes Kabinett - Spätlese - Auslese - Beerenauslese - Ausbruch - Trockenbeerenauslese (there's also Eiswein and Schilfwein). In Wachau it's slightly different Steinfeder - Federspiel -Smaragd. Hell, read the Karen McNeil section on Austria in "the Wine Bible". It's a great rundown. It's a great book in general.
I've yet to have a bad Austrian wine, though I think due to the rather small quantities we get in this country the selection tends toward quality even at the lower prices.
As far as actual producers my favorites:
F.X Pichler
Anton Bauer
Tement
Birgit Eichinger
Uwe Schiefer
Pfaffl (generally very cheap and good IMO).
Several folks here are more experienced and I'm sure will chime in.