SDOT has posted on their blog that they will move forward with rechannelizing NE 125th St:
After hearing from the public and conducting additional analysis, the Seattle Department of Transportation (SDOT) has recommended to Mayor Mike McGinn that the city undertake a project to enhance safety along Northeast 125th Street by rechannelizing the roadway. Between Roosevelt Way Northeast and Northeast 28th Street, the road would have one travel lane in each direction, separated by a two-way left turn lane, and bicycle lanes on both sides of the street.
Personally, I am very happy to see this occur. We make a few trips by car to Lake City each week. The center turn lane will be very useful. I will drive with more ease when there are not drivers weaving between the lanes at 40 MPH on a hill.