When our son was born earlier this year I spent a long time evaluating 529 plans, forecasted cost increases, forecasted plan growth, etc.
In short, if you assume university costs will continue to grow at a slightly slower click than they are currently, but still fast relative to overall inflation, you assume your 529 plan will grow around 6% annually, and you assume your child will receive some scholarships (there are tools online to help figure this out), then $130k now would cover a full ride, including room and board, to an elite private school, e.g., Rice. for 4 years.
So that is what we put into New York's 529 plan, which I think is one of the best. We plan on having another kid, so we can shift some of that money over to their 529 plan if need be, or if our son's undergrad education does not cost as much, then he will have something left over for grad school, etc. My wife and I as well as our parents and siblings all went to grad school, so it would not be unheard of for our son to do the same.
There are obviously many ways to go about saving for your child's college. This is the way we approached it. We valued being able to put the money away now and not have to think about it again. Each to their own though.