I tend to agree with your opinion on the down-ballot races, that the GOP is missing good opportunities, not to mention their usual lousy showing against Bingaman. But with Richardson winning easily up-ballot this year, it might be tougher than it looks anyways to translate down-ballot.
Anyway, my real expertise is mainly with Texas politics. I really only follow NM politics as a side-sport, especially since I know someone who's well-versed in the state and I find it a fascinating state politically.
And of course, since the topic of NM-1 came up in this thread...
The biggest disgrace, once shared here in my state of Tennessee with the Gov's race, is that Richardson was handed a free pass. The guy has been nothing but a creepy showboating grandstander with nada in the accomplishments department (unless you call feeling up your Lt Gov an accomplishment), and he doesn't even seem all that well-regarded by the legislative Democrats. Surely there was some respectable Republican willing to stand up and expose this flash-in-the-pan jerk ?!