From The Fix, the Washington Post political blog:
Top Ten 2006 Campaigns Run by Challengers (listed alphabetically):
Mike Beebe (D-Ark.): After ten years of Republican rule in the Arkansas governor's mansion, Beebe is on the verge of reclaiming the office for Democrats thanks to an aggressive and well-funded campaign. The contest between Beebe and former Rep. Asa Hutchinson (R) was widely seen as a toss-up in the early going. But as Hutchinson focused on rolling out dense policy proposals that garnered little attention or excitement, Beebe successfully cast himself as an agent of change. It didn't hurt that he regularly outraised Hutchinson in each quarter and used his financial edge to get on television early and positively define himself to voters.
And today's NY Times lists Arkansas as a likely gubernatorial pickup for the Dems.