I really enjoy paddling in the narrows at the north end, where it's most scenic and varied wildlife shares the waters with quiet paddlers. I-25, is a huge lake called Elephant Butte Reservoir, named for the hills just to the east. It's western shore provide waterfront parks for the city of Truth or Consequences. The name of that town is a whole separate story. But the lake is really nice, though at times a bit windy.
Fishing is very popular and some good-sized trout and bass are frequently taken.
Down near the dam at the south end the waters are surprisingly clear. There are campgrounds, several boat launching ramps and other amenities to meet sportsman's needs. This lake offers great kayak touring during the less windy months of autumn. It's just too hot for me in summer though, with temperatures getting up around 100 then. I much prefer the cooler and less busy periods after Labor Day.