I have the Epson 750, the predecessor of the model you mentioned. I had previously used HP laser printers at work.
I have found the Epson to be an excellent machine. Very easy to use, you can also link it directly to a scanner. The colour and black inks are in separate containers, and you just select which to use when printing. I use black most of the time too. I've had no tech problems yet (touch wood).
There are loads of different types of paper available including full on photo finish paper, in gloss, which gives a brilliant print. If you set the printer up for the best quality print, use your full colour, choose the proper paper, you can get a print that is virtually the same as a photo. I reckoned it was a hell of a lot cheaper than getting photos reprinted in a photo shop, and it is. You obviously need a good scanner though.
Epson customer service can send you a brochure. They have a little booklet which shows actual reproductions of photos on different papers so you can see the quality. Its amazing, and certainly got me sold on the machine!
The 760 is an upgraded version.
The 750 is fine for speed on black print, a full colour photo based on quality rather than speed takes a while (I can't remember now, its not that long, a few minutes) but its worth it.