Its holding up great. We just printed a bunch of photos, including copies of our wedding photos, for framing and refrigerator purposes. I estimate we've printed about 400 mono pages and at least a hundred photos so far.
I can definitely state its a money saver. My total for printers, ink cartridges and photo paper over the last 4 years is FAR more than $440. Hell, I think we paid a hundred bucks just for the photo paper.
I guess if you get one printer, stick with it, and keep it in use often enough to use ALL of the ink, you might get decent cost results. A lot of my 4-5 year old ink jet photos are already fading badly though.
One other option I noted at Sams Club...digital photo prints for 17c each (4x6). They have three big machines that take all of the digital photo memory cards, a floppy or a cd. You pick and crop the photos you want, it chugs them out on photo paper.
I considered keeping just a monochrome laser (cheap) and going this route. The wife overruled me, she wants to be able to print out photos and color output whenever she wants to and decided that scraping a few bucks out of this was "going backwards for a technology savvy family".
Not that decisions like this bother me. In fact, I think I left skid marks on the floor on my way out to the car to go buy it...