Matt - you need to take a look at the Canon i960. I bought one last year for $200 based on the consistently fabulous reviews I read, which still rank it at the top for text and absolutely photos. It continues to amaze me.

It uses 6 ink tanks (and manages each one individually so you only change the tank that is low/out of ink rather than tossing a semi-full cartridge.) The picture quality is absolutely unbelieveable. It also has a feeder sytem that allows you to keep 8.5" x 11" paper (or photo paper) loaded with a little cartridge in the mix that allows you to also keep 4x6 photo paper loaded.

I can't recommend this printer highly enough - it's that good. At this price, it qualifies for "Grand Theft Printer". They won't last long at this price. If you want to get it locally, I think CompUSA has it for $119 after a $50 rebate.