Going back to El Paso after graduating would have landed me a job paying 55-60% of what I earn in DFW. There is very little industry in EP, and limited room for career advancement. I don't think there is any compelling reason to move there unless it is a definitive short term assignment and you are being paid a lot of money. Lets take EDS for example. A guy I know gets paid $32,000 as a .NET developer in El Paso. He would probably earn at least $50k elsewhere in the state.
The housing is cheap, but the cost of insurance, power, water, and property taxes are extremely high. The quality of life issue is also very dramatic. There aren't really any young professionals, or professional period people.
If you lived in the upper valley and never left the west side it wouldn't be an awful place in the short term.