The Albuquerque Balloon Fiesta is one of the RVer's absolutely 'must do's'.
Done it twice. First time with a large owners group. Second time, simply showing up. No reservation. Stayed at the huge dry camping area with the landing field in the middle.
First weekend, first time, 2007, was full. By Monday there were lots of spaces. Second time, 2009, we arrived no reservation, Sunday afternoon first weekend. Again the dry camping area. Loads of space available & it only got to be more as the week went by.
JMO, but being a short distance from the launch field is better.
You need to be back abit to appreciate how many & how big this event is.