I don't know what state fairs are like in other states, but NM is wild about the state fair.
I think everyone from every small town or rural area in NM comes to Albuquerque for the fair. I don't even like to drive anywhere near the fair grounds during this time. Aside from the crazy traffic there always seems to be several drunks hanging out and staggering out into traffic. Oh yeah, and the teenagers with the death wish running across Central.
Almost anyone you talk to in Albuquerque has either been in the parade at some point or has entered art, livestock or something into competition. As a child I was in the fair parade -- with my baton twirling troop. I also used to enter my bead work, but it has been a few years since I have beaded.
Aside from the normal things you find at fairs (lots of delicious greasy food, rides and livestock) the NM fair has The Indian Village, Villa Hispana and The African American Pavilion. I always feel sorry for the African American Pavilion because NM has a very small African American population. In the Indian Village you can watch native dances, eat some Navajo tacos or shop for some native made jewelry and other forms of native art. In Villa Hispana there is also dancing, mariachi groups, all types of Mexican/Hispanic foods and various shopping item -- normally imports from Mexico like woven blankets.
Then there is the Manuel Lujan Building which is full of crap. Not literal crap, but just about anything you can imagine wanting -- someone inside that building is probably selling it.
Every year we plan not to go and every year we go. :-) I imagine this year will be the same.