Printers

Great for photos. Inkjet printers do a better job of blending smooth colors than laser printers.
Inkjet printers have a low start-up cost. Printers are less expensive than laser printers and inkjet ink cartridges are cheaper than toner cartridges.
Inkjets can print onto many types of paper
Almost no warm-up time is needed before printing.
Inkjet printers tend to be smaller, lighter and easier to maintain than laser printers.

CONS:

Inkjet ink is expensive.
Inkjet ink is water-based
Ink cartridges need frequent cleaning. Although printers perform this maintenance automatically, it wastes lots of ink.
Inkjet printers are getting faster, but are still very slow compared to laser printing.

Laser Printers

PROS:

Laser printers can print faster than inkjet printers.
Laser printers produce perfect sharp black text. If your print jobs are mostly text with occasional graphics, laser is the way to go.
Laser printers are better prepared to handle high-volume print jobs.
Price-by-price comparisons favor laser printers over inkjet printers for documents that aren't graphically complex.

Although they're more expensive, laser toner cartridges print more sheets relative to their cost than inkjet cartridges and are less wasteful.

CONS:

Although laser printers work faster, they take time to warm-up.
Although toner is cheaper in the long run, upfront costs for laser printing are more.
Laser printers can't handle a variety of paper or printing materials like inkjets.
Home laser printers can handle simple graphics, but smooth photographs are a challenge. If you want to print photos, go for inkjet.
There are some compact laser printers on the market, but in general, laser printers are bigger and heavier than inkjet.