The Canon dye-subs are a) a lot more expensive to print from, b) use only 3 colors, and c) are less versatile. The Epson PictureMate ($200) uses 6 archival-quality pigment inks and GUARANTEES 100 prints per $30 print pack (they'll refund the difference of what you pay if you don't get all 100 prints). It also does wallet-sized photos, B&W and Sepia filters, reads all major memory card formats, and is compatible with external CD-R and Zip drives.
The photos come out DRY and don't smear or fade. They're also water resistant, just like a dye-sub print. Photos are rated 100 years behind glass and 200 years in a photo album - this is actual data from Wilhelm Imaging Research... Most dye-sub prints last 4-10 years before they start fading.
I have a PictureMate and it wipes the floor with my friend's Canon dye-sub.