This very topic was discussed on slashdot about a month ago... link. The original story was about how HP is taking the "bleed the customer to death" strategy even further by selling "economy" ink cartridges that are less than half full.

The same comparison to razors was made a few times, and the general concensus is that yeah, they're screwing us, but as long as ALL of the printer manufacturers hold the line with obscene prices for refills, what choice do we have? What we need is some "little guys" who sell the ink for a lower price, thus forcing the market to compete. So far I don't think this has happened, and if it has, the quality of the printer and its output has kept those little guys from being wise choices.

Personally I will NEVER buy another color printer as long as this condition exists. My next printer is going to be a good quality black-and-white laser printer. Toner for B&W lasers isn't that expensive, and I really never need color printing at home. If I want to print something in color, I'll do it at work and make my company pay for it.. hehe.