Nob Hill is full of cool shops and galleries and restaurants. You can find a bead store, tattoo parlors, two paper stores, a health foods co-op, a vintage hat store, and even a magician's/juggler's supply house. Peacecraft is a wonderful and unique Fair Trade store where you can buy some colorful handknit items.
Graze by Jennifer James is apparently considered one of the best restaurants in the city. I liked the restaurant that was there previously (Kanome - Asian fusion) but I haven't been to Graze.
Tonight was also the worst part of Albuquerque. After dark we took a walk and saw a thermometer on a shop that said 86 degrees F. I came home and took my first cold shower of many this summer. I am NOT a hot weather person.