^For good quality inkjet prints in 8.5x10 it can cost about $5-10 per print. Doing it your self with an inkjet printer is more cost effective, but I do have to say that ink and paper are ridiculously priced, and that's on top of the printer which could be anywhere from $200-400.
Sean, I have an HP inkjet and it's pretty good, HP makes good printers, as do epson, canon, ect. I think you might get more help with this on photography on the net or some other photography forums.
epson costs more to run, but generally produce much better prints... like a lot better from everything i've seen. I have a desktop 8x11 (r200) and a larger format (prints up to 18 or 22 inches wide, don't remember) and I love them both. The large one is pretty expensive to use but produces great prints.
whatever you do, make sure to get CMYK + Light Cyan and Light Magenta cartridges printer... the reason some printers look shitty and more digital in the sky especially is because to render light blues and reds they have to space the dots really wide, and you can see that, it makes for banding at the edges of highlights. The Light Cyan and light Magenta help this a lot.
It is potentially cheaper, but the hassle can negate your savings and you can also end up paying more to print yourself. Cheap printers tend to clog, which means you're spending a lot more on ink to keep it running smoothly.