Old Town is fine, but the college area (UNM) is really nice and so is Padilla's restaurant (local, yummy and cheap) and the Frontier Room (open 24 hours a day).
I like the UNM campus, lots of John Gaw Meem buildings and the like.
Too bad you are not there long enough or in the correct season to spend a day wandering around Las Vegas, New Mexico. I love that place.
lala