Your cost per square foot on inks will be pretty high as compared to an HP 5500 or especially compared to a Kodak 1200i. Unless you're printing photo reproductions I would encourage you to look into other printers. Also, be sure you compare the statistics of that printer to other options like Canon. Talk to the salespeople of both brands. Are one of them less enthusiastic than the other? That can tell you a lot. Be sure to shop around on equipment and take into account how the dealer will treat you after the sale.
That aside, Epson has been a very reliable company in my experience but I have never used that model. They may not be the fastest horse on the track but they have beautiful prints and they don't break down without a sledgehammer.