I got the ip4700 two weeks ago when my Epson CX5500 gave up the ghost when it ran out of ink and wouldn't recognise the new cartridges.
The Cannon printer's quality is really excellent, whether on Canon Photo Paper Plus Glossy II, or the Epson Matte paper left over from its predecessor. Mine worked perfectly right out of the box, with none of the difficulties described by soundtweakers. Of course, here at the bottom right hand corner of the globe, we get to pay a whole lot more than you guys. The ip4700 is NZ$146 which is US$106.30