Lonesoldier, just wondering if a book about PND might help you. I did have one by GMTV which I and my husband found helpful but for some reason I can't find it on Amazon. This looks like the closest:
www.amazon.co.uk/Feelings-After-Birth-Postnatal-Depression/dp/0954301803/ref=sr_1_7?ie=UTF8&s=books& qid=1223395790&sr=1-7
It is likely to have good tips on how to support your wife, such as very practical things like helping round the house so she has time to herself as well as time with your baby. You are absolutely right to avoid "standing guard" or over-analysing everything she does; that can be quite scary for a mother.
The things which helped me connect with my DD were:
-getting time to myself to go out with friends, and for the two of you to go out as a couple
-doing fun and intimate things together with my baby like swimming, sharing a bath, going on holiday
-putting a couple of lovely photos of me with DD smiling around the place, to remind myself I'm a good mother (cheesey I know)
-talking with my health visitor and other mothers
-posting on Mumsnet!- she is welcome to join us!
-regular exercise, and always getting out and about every day religiously
-a healthy diet- especially not skipping meals or eating junk
-counselling.
I know some of these sound obvious but they can really help. I hope the ADs work, and good luck.