Haunted America Tours have a great new article posted at their site on the "Goat-Man" controversy.
I've personally investigated three Goat-Man style entities in Texas: (a) in the vicinity of Dallas' White Rock Lake; (b) at Lake Worth, just outside Fort Worth; and (c) at the site of the Old Alton Bridge in Denton. And I can say that each and everyone of them exhudes an air of high-strangeness and menace - which is typical of classic Goat-Man reports.
And as seasoned Forteans will know, bridges - such as that at Denton - are absolute magnets for weird beasts, ghostly activity, and a plethora of folklore, myth and legends.
Speaking from my own personal investigations (alongside fellow creature-seeker Ken Gerhard at Lake Worth in 2005; and Lance Oliver at Denton), I don't perceive the Goat-Man as being a physical beast - or, at least, not in the way we generally interpret the word "physical."
Rather, like so many cryptids, it seems to inhabit that strange, twilight realm of the "now you see it, now you don't"-type.