If you want longevity, suggest you use good quality paper (i.e. OEM branded or from someone like ilford, canson, fotospeed or permajet) and OEM ink, although a recent thread suggested that some third party inks are OK.
Not sure there's much to choose between Canon and Epson printers, it's a bit like choosing between Canon and Nikon - people tend to recommend what they've got. So I'll recommend the Epson R3000 as I've got one and its fantastic, especially black and white, although a full set of ink cartridges will set you back over £100......