Digital BW, The Print

I am in the market for a low cost (under $250) printer to be used for 
color photos and also for all-purpose color graphics applications 
like greeting cards, tranfers, etc.  In addition, I would like to 
choose the best printer in that price range to hopefully print decent 
b&w photos (just hobby photos, of the kids, etc., but still hoping 
they could turn out decent).  I have been researching it a bit lately 
and it seems unless I would want to buy and dedicate a printer to b&w 
using costly Piezography BW systems that I may not be able to get 
decent b&w prints?  Rather then trying to go that route I may be able 
to make due w/ a printer where one can tweek photos in photoshop or 
whatnot like some of the posts discuss, using regular color inks, 
etc, so I hope to find recommendations about which low cost printers 
can best do this.  Has anyone used the Canon 900 to print b&w?  Also, 
just in case I would want to someday go that route, does anyone know 
if the Canon S900 can successfully use these quadtone inks to print 
really nice black and whites like the Epsons do?  I really am leaning 
more toward the Canon than the Epsons, but want to get a handle on 
this b&w issue first because I know I would really enjoy being able 
to make decent hobby b&w prints.  Thanks for any assistance on these 
questions about the canon and/or any other printer recommendations 
that would work.