To start out, a continuous ink system may have advantages for people who print in huge volumes, but if you have fairly large cartridges, it may be more advantageous to refill existing cartridges like I do with my Canon IP4000. I stockpile empty cartridges, refill a bunch at a time, and then I just keep popping in fresh cartridges when empties without having to refill every time. That way I only have to refill cartridges twice a year or so. And if I batch refill, I can refill a single cartridge in less than five minutes.
The second thing to note, you can go to photoprinting web sites like the nifty stuff forums or steves digicams, and they will recommend inks that do an excellent job of photoprinting. For just plain printing, the requirements for perfect OEM color match are less demanding, but inks with almost perfect OEM color match are not at all expensive.
But the other rub is that a refill ink must match the brand of printer, never buy a refill ink that is advertised to work in any printer.
Third, Color lasers may be nice, but they can't do high quality photoprinting.
Fourth, chipped printers are a pain in the butt for refillers, and CIS or just refilling cartridges, you have to void the warranty to refill chipped printers, unless you can find models that have chip resetters available.