Both printers have their limits but nothing's perfect. Anyways, inkjet printers use ink (duh). It works for everyday needs and is less expensive than laser printers (with some exceptions). The problem is that the ink can run. The ink is usually still wet when done printing. Also, ink cartridges can run out fast so it's horrible for things like small businesses or things that require large amounts of printing, including the fact they have slow speeds. Laser printers on the other hand are expensive. However, that cost is made up through performance. Laser printers use toner to print things. They use either colored or monochrome (basically black cartridges that can produce anything between black and white). Monochrome printers tend to be less expensive. Brother has these great compact black and white laser printers. I'm looking forward to getting one if I have the cash after my first build so I can use it for school. Back on topic now. Toners can last longer than ink cartridges. Some people say it lasts a lot longer than ink cartridges. For laser printers, you don't have to worry about running ink. It uses what's called heat bonding technology to make sure the toner isn't wet. Some inkjets may have this. I don't really know which ones though. They have really fast printing speeds due to the laser's speed and are great for small businesses and above.
For brand recommendations, I would say Canon, Epson, Brother, or HP for inkjets. For laser, I would say Brother, Xerox, Dell (they're okay), HP, and Canon. I would stick with Xerox. I know review sites aren't the most trustworthy to us but PCmag reviewed this inexpensive color printer that's under $200.
Edit: Here it is. The Konica Minolta Magicolor 1600W
. Also, for monochrome laser printers, Brother is releasing some new HL series printers. They're compact MFPs. Check them out.Edited by HybridCore - 6/6/11 at 1:29pm