Disappointing for some
I don't think anyone who understands polling would be disappointed by a poll where Paxton has a one point lead (he trailed in the 5 most recent polls, all taken in the last month). It is a close race, for certain. Which is why it's basically 50/50 in the prediction markets.
Paxton's hope is that the GOP lean of the state saves him. Talarico's hope is that a huge swing of Hispanics and suburban women sinks Paxton.
I think Paxton is more likely than not to lose, because I think the huge Hispanic swing and Paxton being a fairly unique disaster in the burbs is coming. Republicans winning in Texas in 2004 has very little to do with where the state is politically now, though that was certainly a better GOP.
Btw, Andy Biggs is going to get smoked and you will still have a Dem Governor.