Colorado has a pretty underrated scene...
Punk(ish):
-The Gamits (some of the best pop-punk *real pop punk* around)
-Laymen Terms (Really heavy, dynamic, lot's of styles)
-All/Descendents (do they count as local?)
-Armchair Martian (Kind of Social D with a country tinge)
Indie:
-Against Tomorrow's Sky (not sure how they're not recognized on a national level, a really talented band with a really great album--this forum would love them)
Alt Country:
-Drag the River (not really my thing, but very good)
Hardcore:
-The Great Redneck Hope (Whoa! is all I could say after seeing them, they give spastic rock a new meaning)
-Planes Mistaken for Stars (does that count either?)
Hands down, most talented and exciting band:
-Leer43
Rock-solid power trio with a style of their own and quite possibly the best singer I have EVER heard. Covers every register flawlessly--great guitar player too. They are planning an album for later this year that I think will do well independently. Their only downfall is the lack of website, online/magazine advertisement, and other forms of promotion that indie/punk bands have a firm grasp of. I'd expect a lot of this to change in the near future...