The Denver Post has run a series of stories about water in Colorado. 
It is excellent reporting and it is highly recommended reading.

Liquid Asset Series  
   Part I - Turning water into gold http://www.denverpost.com/search/ci_3235495
   Part II - A radical new vision http://www.denverpost.com/search/ci_3237874
   Part III - Suburban aggression http://www.denverpost.com/search/ci_3240563
   Part IV - Law makes, breaks men

We encourage you to read this one if no other

http://www.denverpost.com/search/ci_3243827
   
Records sketchy on who owns water http://www.denverpost.com/search/ci_3237462
For high-dollar rights to water, Colorado's the place http://www.denverpost.com/search/ci_3240093