Iceland is an amazing destination. I'd highly recommend it. Now that a direct is in place, I have little excuse not to visit.

Iceland is considerably cheap cost-of-living-wise compared to a few years ago, but iceland air is overhyping the "cheapness" of their airfare...and the intro fares are not good deals. They sometimes hit around $300-$450/rt. Who knows what the Seattle direct will price out at. I'd say watch for the new route to suffer and discounts to roll in.

Another trick you can do is visit the icelandic website and purchase your ticket in kr, taking careful watch of your credit card's exchange rate. you can sometimes save a bit of money this way.