In general terms, laser printers have higher resolution so they have better print quality. Inkjets create images by spitting out tiny droplets of ink, so their resolution is lower. If you look closely at a page printed on a laser printer and the same page printed on an inkjet, you will be able to see that the laser has smoother edges to the fonts.

Inkjets are the way to go (as of 2003) for cheap color printing. Some of the more recent inkjets provide excellent color clarity and brightness, and are very well suited for printing photographs. Also, inkjets are usually quite a bit cheaper than lasers, and color inkjets are MUCH cheaper than color laser printers.

While inkjet printers themselves are cheaper, their ink is much more expensive. Ink cartridges need to be replaced fairly often if you print a lot, and especially if you’re printing pictures, and ink cartridges are not cheap. On the other hand, toner for laser printers is pricey, but will rarely need to be changed. If you’re using a laser at home, you may never need to change the toner.

All in all, each printer has its function. Inkjets are great for limited home use and for photo printing. Lasers are good for high-volume applications, like offices, or for applications that need extremely high print quality.