Epson Stylus Photo R2400

Pros: Accurate colour, high quality, relatively fast, great black and white (and colour), wide selection of papers available.

Cons: Switching between matte and 'photo' inks... maybe a little expensive to run, but you have to expect that. Options in the printer driver dialogue could be a bit better, but it's okay.

Summary: I upgraded to this printer after using two previous Epsons (Stylus 1160 and C82), in order to supplement my new DSLR.
Excellent quality of prints from the start - colours are accurate and predictable. Black and white work is very easy, with neutral tones from the printer.
If you're getting a printer such as this, you have to realise that you'll be paying quite a bit for the 8 inks it uses, and a bit more if you change the matte/photo often. It's definately not for the novice or weak of heart...
Only real drawbacks are the changing of matte/photo inks, although personally I tend to use matte paper exclusively. Also, it is slightly annoying to have some options missing based on choice of paper and print quality (such as Advanced B/W mode).
Personally, when chosing between this printer and the R1800, I was worried about losing things like the gloss optimiser ink, and the CD printing capacity. But now, I can see no need whatsoever for those features - glossy prints are excellent on this printer, and the higher quality you can expect surely makes up for the extra price. I also heard that the R1800 is better for colour, due to red and blue inks, but the R2400 is truly brilliant in this regard as well. If you are worried about any slight differences between the two, then you're probably looking too hard... Get the R2400 over the R1800 - only a bit more expensive, but far more capable.
Apart from these minor points, it is a high quality, professional-grade printer that should suit anyone who won't be printing above A3+, and who wants the very best quality available. Congratulations to Epson for giving me all the features I could want with this machine. No regrets with this purchase! (and I've had it for more than a year)