First the good:
Ann Gale, one of the professors there is a great figurative painter. I'd love to have the opportunity to work with her.
The school's museum where you'd have your thesis show, The Henry, is fantastic and gets some top notch exhibitions.
That said, I really think Seattle is a crap art town. It's great for indie music, game design, software, not for visual art. It's great for hobbyist painters and Burning Man types, but there just isn't a very high ceiling. I saw a pretty ugly scene at a talk with one of the curators at the Seattle Art Museum where some older artists were yelling at him for not purchasing works from northwest artists. There's definitely some sort of inferiority complex going on around here.
I've spoken to a few UW MFA alums who teach where I'm taking some classes right now and they're super sweet people, just not impressive artists.
Kimberly Trowbridge http://gageacademy.org/artists/?page=in ... s&i_id=122
Eric Elliott http://gageacademy.org/artists/?page=in ... s&i_id=134
Margaret Davidson http://gageacademy.org/artists/?page=in ... rs&i_id=24
Margaret is quite inspiring (went to grad school in her 40s I believe and is now selling out big shows) but still, her work is just abstracted still lifes of tree branches - fits in to the naturalistic tendencies out here.
I went to UW for electrical engineering, but have been working as an artist/illustrator here in Seattle for the last 5 years.
Hope that helps some! Seattle is a lovely place to live, but I'm moving to NY in a few months to get closer to the action.