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Personally I think it is a good school especially when you reach upper-division and graduate levels and have smaller classes taught by the actual faculty (though some of the most brilliant people I have met were only grad students at the time.)
One of the great things about UNM is its faculty. New Mexico (the state) draws interesting, broad-minded people. The University is no exception.
Of course, the departments DO vary though I wouldn't judge them on rankings alone.