My wife and I have been talking about college since our first was born. We plan to help them out as much as we can. She's a college counselor so she sees all the financial stuff first hand. We've slowly been trying to get our finances in order so we haven't even opened up a 529 for him yet. What is scary is that by the time he's ready to go to school, college will cost upwards of $100K per year.
Both my and her parents were poor when we attended college, so we didn't have a huge debt to pay after graduating. We're expecting we won't get any financial help though. Some of the ivy league schools have started adopting a tiered tuition based on what the parents make so there's that. I think for Harvard, if you make $150K or less, you're only paying 10% of your income for tuition.
In other news, we finally got my son potty trained. I still have to watch him when he goes though. The other day, I caught him sticking his hand in the toilet and touching the water... ewww. It's perfect timing though, especially with #2 coming in a couple of weeks.