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I live on Queen Anne in Seattle and really like it. However, I'll be moving out of the city so I can buy my first home. With that said, I'd pick Seattle over Bellevue.
If you live in Seattle, the more desirable locations are Queen Anne, Belltown, Ballard, Capital Hill (if you are gay especially), and Fremont.
I like Queen Anne the best because I am only about 2 miles from I-5 whereas some other neighborhoods are farther away from I-5, I am close to downtown, but far enough away to not pay for parking, have some peace and quiet, have amazing views, close to some shops, grocery shopping, restaurants, etc.
Hope this helps.
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