We met with an accountant right after we got married, and he told us we were already behind the ball on saving for college/retirement.
We are able to afford to put $100/child (2 kids currently) into a 529 account each month. They've taken a hit with the down economy, but it's still the best way to save for college (or any structured post-high school education).
College was a HUGE priority of my parents when we were growing-up. We weren't allowed to have jobs during the week because our job was to be a student. It killed me to have to stay out of college my Sophomore year for no other reason than money. I worked 3 jobs, saved $17K and went back to school the following year. I had to pay all my living expenses (including books). I was a much better student when my own money was paying for it vs. my parents footing the bill because I appreciated it more.
Moral of the story: save what you can and make them contribute to it as much as they can.
Your best bet - get a good financial planner who can guide you in the right direction. There are many different options for planning, and they all carry different risks/penalties if not used for the intended purpose. Most financial planners make commission off the value of your portfolio. You shouldn't go with anyone who makes you pay a fee.
Good luck!