I have a Canon iP4200 (iP4500 is the new version about £60) and its brilliant.
The ink is in 5 separate tanks so its economical that way. It prints on CD/DVD as well.
I only buy original ink as you can get a set for £30 and I think the quality and lifespan is far better with them. Pence per page works out reasonable enough, about 35p for a 6x4 photo. You get what you pay for!