N. Raleigh offers some very nice areas live - with both large and smaller subdivisions to choose from. As for the schools that's been such a hot topic I suggest that you check the Wake County School site;
Wake County Public School System and decide for yourself how you & you're children would like the schools. Not sure what you heard bad about S.E Raleigh - I have clients that currently live there and I've not heard bad things from them. There's actually quite a bit of development going on there right now. However the commute to RTP from there isn't easy, yet (until the 540 makes it way around).