Some of my favorite NW/local/Un-signed bands:
King Black Acid -- currently re-structuring
Helio Sequence -- currently on tour
Mel
Dahlia -- plays every Tuesday night at the Ohm (NW 1st and Couch, downtown Portland) at 11 PM
Richmond Fontaine
Nakano Spy School
Stephen Ashbrook -- plays most Tuesday nights at the Green Room (NW 23rd and Thurman) at 9 PM
Audio Learning Center -- several members from the earlier band Pond
Swords Project
Floater
Storm and the Balls
9 Volt Mile
Nicole Campbell
Carmina Pirhana
Stephanie Schneiderman
High Violets
Voyager One -- from Seattle
Pilot Down -- from Seattle
Peacemakers (aka Refreshments) -- from Phoenix, Arizona
Pistoleros -- from Phoenix, Arizona