  We study near-horizon limits of near-extremal charged black hole solutions to
five-dimensional $U(1)^3$ gauged supergravity carrying two charges, extending
the recent work of Balasubramanian et.al. We show that there are two
near-horizon decoupling limits for the near-extremal black holes, one
corresponding to the near-BPS case and the other for the far from BPS case.
Both of these limits are only defined on the 10d IIB uplift of the 5d black
holes, resulting in a decoupled geometry with a six-dimensional part (conformal
to) a rotating BTZ X $S^3$. We study various aspects of these decoupling limits
both from the gravity side and the dual field theory side. For the latter we
argue that there should be two different, but equivalent, dual gauge theory
descriptions, one in terms of the 2d CFT's dual to the rotating BTZ and the
other as certain large R-charge sectors of d=4,N =4 U(N) SYM theory. We discuss
new BMN-type sectors of the N=4 SYM in the $N\to\infty$ limit in which the
engineering dimensions scale as $N^{3/2}$ (for the near-BPS case) and as $N^2$
(for the far from BPS case).
