I gave up using cheap imitation cartridges ages ago. I found that they did not last as long and the colour quality left a great deal to be desired. I use Epson photo quality glossy film to print photos - I'm on my second Epson now and I have absolutely no complaints. In fact, I would go so far as to say that I am mightily impressed. (Present printer Epson 1290).
Beware using other brands of paper - I tried HP and it was a disaster; the ink refused to dry and smudged during the printing.
Colour loss depends on the siting of the photo. In sunlight, it will fade quite rapidly (less than a year), but in shade will last for several. However, with the images on disk, you can print again and again - and it doesn't cost a fortune. I reckon an A4 size photo on glossy film costs less than £1 - a huge saving on similar size even from Boots.
Buy big capacity cards. The greater the resolution, the better the chance of special effects succeeding (especially blowing up). However, the greater the resolution at time of taking, the greater the memory used. For example, on my Canon Sureshot on medium res with a 64M card will allow about 180 shots; at high res, about 70.
Feel free to ask all the questions you like - there is not limit; that's what this forum is all about, to allow the free exchange of info. I am grateful to all those who have answered my (at times dumb!) questions. I am one of the happy band of PPruners who are delighted to help others solve problems when they have difficulty finding answers from elsewhere.