Four of us took the tram tour by Clarice and learned a lot about this charming, historical gem of a city through the constant narration by our historically gifted guide. The price is quite reasonable - only $15 for over 1.5 hours, and the pick-up point is very convenient, leaving from the clock just across the street from the Palace of the Governors (Lincoln and West Palace). There are usually several tours each day and you can get the latest information and make a reservation by calling 505-438-7116 or 505-690-8741.
Our tour guide was very knowledgeable, well-prepared, interesting and entertaining. The tour, being on wheels, includes much more than the other walking tours that mainly focus on the Plaza area and little else, although there are some interesting walks down some back alleys on the walking tours not accessible by the tram. If you really want to get some good pictures, you may be better off on the walking tours, because almost every time I was about to shoot a picture, the tram started to take off. On the other hand, you get to stay on the tram throughout the tour, so if you're tired, this may be just the place for you. And you do get a chance to stretch halfway through, when you can head for the restrooms on the famous Canyon Drive, an artist lover's paradise of a street (if you've got some big bucks).
I heard most everything on this tour I already learned on the many walking tours I've previously taken (I was with a friend this time who cannot walk well), plus I saw much more on this tram because we were able to venture way past the Plaza sights. All four of us enjoyed the tour and we all felt that we got our money's worth. Gratuities are cheerfully accepted before or after the tour. We had to have exact change so I just threw in an extra $10 for a tip (I only had $20's in my wallet) for the four of us and the driver was very appreciative. The tram was pretty full when I took the tour, which was at Noon Sunday in October, 2012.
There are numerous things to see on the tour, including the Cathedral Basicala of St. Francis of Assissi, the Loretto Chapel, the State Capital and the legislative building (the "Roundhouse"), . If you actually want to enter the Chapel and see the "miraculous" spiral staircase (with "no visible means of support"), or perhaps see the inside of the interesting "Roundhouse", you may want to take one of the walking tours instead, or just head back to these "must see" attractions after the tour, if you have the stamina for the extra walking.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.