Adding my own experiences to the mix:
I’ve owned inkjets, but always felt cheated because I’d always go through a long period when I didn’t need to print anything and the ink carts would dry out. Also, the last inkjet I owned had an (apparently) cheap feed mechanism such that I had to monitor it closely to ensure that paper went into the printer straight.
First thing I bought before starting law school was an HP LaserJet 2100, and I love the beast. Got it for a bit under $700 from Egghead. It print crisp, 1200 dpi text, very quickly. And, when I get around to updating my OS, I’ll be able to print to it via infrared from my notebook. Bye bye printer cable.
Other important considerations: if you’re printing hundreds of pages per month, you’re probably going through an ink cart per month. That’ll get old real fast. A laser will give you several thousand pages from one toner cartridge. Plus, with a laser, you can print in EconoMode and squeeze more life out of your toner. The downside, of course, is the cost of toner carts when they need replacing. Toner for my 2100 (since it’s ultrafine 1200 dpi stuff) is expensive, over $150 per cart.
Lasers also last damn near forever if they’re cared for properly. You’ll stand a better chance of being able to resell a laser than an inkjet when you graduate to something grander.
Another thing no one seems to have mentioned is PostScript. I have heard of inkjets that do PostScript, but their pricing tends to be pretty well in line with that of a laser. PostScript makes mighty purty graphics and curves to die for.
The 2100 has no problem with envelopes (pop 'em in the manual tray and slide the spacers to the envelope mark), and has other options you don’t often find in inkjets. For example, the straight paper path. If you’re printing something on heavy stock or on paper you otherwise don’t want to bend around inside the printer, just open up the back end, put it through the manual feed, and your job goes straight through without getting bent out of shape.
My recommendation: go laser. If the 2100 is more than you need, go for the 1100, which doesn’t do PostScript but is significantly cheaper.