Tent Rocks is extremely interesting for rock formations. Located midway between Alb and Santa Fe and west of the freeway.
A definite +1 recommendation for
Tent Rock park! I have been there twice, and still managed to miss the turn...
Here's a Google Map (the "A" on the map is the parking lot) The last turn is onto Indian Service Route 92. If you miss that turn (I've missed it before), you'll reach Cochiti Lake in about a mile or two. If you see a large lake, turn around and head back. You might need to switch to satellite view and zoom in to see the roads better.
Also, every Labor Day weekend, the Northern part of Albuquerque hosts the annual
State Wine Festival (the link is for last year's festival -it hasn't been updated yet for 2012). It may surprise you, but there are over 20 wineries in the state of NM (many semi-sweet wines, but some drier ones as well). In addition to the wineries having booths, there are tons of crafts and food vendors as well, plus some music to go along with it. Just $15 or so gets you in for unlimited wine sampling.
The only catch is that it is a popular event. Go as soon as it opens, buy your ticket ahead of time, and if you sample a wine and really like it, buy it right away. If you make notes and try to go back later on, you'll usually have to wait in line, and lose quite a bit of time that you could have spent sampling.
The
Sandia Tramway is the world's longest suspended cable tram! Incredible views, and an incredible journey up to the top of the mountain (where there are also hiking trails, a restaurant, and museum).
Old Town is a great place with 150+ restaurants, shops, and sights.
There are even public (free) and commercial spas containing natural hot springs around Santa Fe (a short drive from Albuquerque). A few random websites listing both spas and free public hot springs:
SwimmingHoles.info New Mexico Swimming Holes and Hot Springs rivers creek springs falls hiking camping outdoors
Best Hot Springs in New Mexico | Best Hot Springs New Mexico
New Mexico Hot Springs/Mineral Baths
There is also some great white water rafting on the Rio Grande, ranging from Class II up to Class IV. You can catch several rafting companies in Taos (1 1/2 hr North from Albuquerque) for a 1/2 day, full day, or even a multi-day camping expedition.
One caveat: I just spent an overnight in Albuquerque this past Tuesday night. Apparently, there has been a problem with moths in the city recently, due to the intensely cold week last year (like below zero) that was waaaaay below normal, which killed off many of the moths' natural predators (wasps, etc.). As such, there's currently a high population of moths in parts of Albuquerque. I'd still plan a visit, but just be aware you might run into a few during your time there.