I lived in that CD for over 15 years (moved in 2001) and I think the incumbent is unbelievably vulnerable given the length of time she has held the seat. Her opponent is no liberal Democrat (he was a Republican until the abortion issue made him decide to switch parties 20 years ago) and he is currently the President pro tem of the NM Senate. If he can raise the $$$ he has a great chance to unseat her. He only lost last time because of the overwhelming Republican numbers in the absentee ballots.
Being the poster from the district who said the Dems aren't gonna take the district...I still stand by that prediction. Yes, Heather Wilson is no Steve Schiff (who took a highly competitive district and punked the Dems in every race after the first one) but she's been strong enough to gain % every election. As for Richard Romero, her opponent...if he couldn't pull it off in 02, when the Greens finally stopped running spoiler candidates, he won't do it in 04. And being pro-choice is not necessarily a positive in this district - as I posted in another thread some time back, the usually Democratic 'Old' Hispanic voters here are more Populist than Liberal - there are definitely social conservative strains in the population (see the numbers on gay marriage I posted in some thread a while back - there isn't even a majority for civil unions, much less gay marriage).
And the overwheming edge in absentee ballots will continue this year as well - for those of you not from NM, starting in about 94 the Reps shifted to massive absentee balloting following a change in the state law in order to 'lock in' Rep votes ahead of Election Day. It has worked very well for them, and as I have also stated somewhere else
the Dems, instead of copying it, have spent the last 10 years whining about it and trying to change the law (which they finally did in 2003 once a Dem was governor again). But I expect the Reps to hold their edge - they are very good about voting, whereas the Dems have a considerable number of 'on paper only' voters (go read Vorlon's posts on registered vs. likely voters for the reasons for that) and even given that Dem candidates are so popular in Dem-controlled counties that the dead rise out of their graves to go vote for them
it's not enough in NM-01.
Adding to that is, IMHO, the slow decrease in Dem registration and especially in voting tendencies in CD-01 (back in 2001 the vote tendencies were 50-50 while the Dems held the registration edge by a fair margin) will gradually hamper Dem efforts. In Albuquerque (the heart of CD-01) I have noticed that the older Dem areas have lost population while the newer marginal and Rep areas have gained...according to a City study I found it is because people moved from multi-family housing (read: apartments, townhouses, etc.) in the old areas to single-family homes in the newer areas...and apparently they have become more conservative in the process, judging by the registration and voting numbers in the new growth precincts. This process continues today...
If Romero had run in 98, he might have won...but not now. I was actually surprised by how solid Wilson's margin was in 02 but she appears to have won the Decline-To-State voters and incumbency counts...and on a final note: for such a competitive district the Reps sure have found ways to hold on to it for a loooooooooooong time!