My wife and I have been touring daycare centers around Seattle for the past few months, in anticipation of our first child's arrival (in May). Over the weekend we heard a strong recommendation for La Escuelita, and have heard more good things as we started to look into it.
It's located in kind of an inauspicious location - under the Jiffy Lube and on the edge of the Office Depot parking lot, just north of U-Village. If you can get over that, though, everything else sounds great. The prices - around $900 a month for full-time - are significantly less than other centers we've seen; the program is bilingual (English / Spanish), if you're interested in early childhood language development; the staff is extremely warm and nuturing; and - most important for us - the parents we know whose kids attend absolutely love it.
If you're in the market for high-quality, cost-effective childcare in North Seattle, you should give La Escuelita a look.