These numbers are pretty disturbing at first glance - incumbent Dem Bill Ritter is well under 50 and trails former Rep. Scott McInnis by a substantial margin, and barely beats Colorado state Senate Minority Leader Josh Penry. What gives? PPP doesn't offer much in the way of explanation, just noting that Ritter's approvals have dropped over their last three polls. He also didn't fare so hot when PPP paired him up against some other names back in January (PDF) - just 46-40 over former (and 2006 opponent) Rep. Bob Beauprez.
PPP seemed to have a weirdly low approval rating for Obama in this poll, just 49-45. By way of comparison, PPP recently had Obama at 47-45 in Arkansas and 46-45 in Kentucky, while showing him at 54-38 in North Carolina. So it's easy to see why the CO numbers just feel off. Apart from PPP (which is testing this particular matchup for the first time), I'm not aware of anyone even polling this race yet. We'll have a better sense, of course, whenever they (or another firm) release a new survey.