For years I've had a laser printer for bulk printing plus an Epson R200 for photos, CDs and anything else in colour. It was temperamental - difficult to get card or CDs to feed and pernickety with the (compatible) yellow cartridges in particular. When it finally died, after 6 years, I considered a Canon but the P50 was my choice above all because I've got lots of CD label designs in Epson Print CD format. Not many printers can print directly onto printable CDs.
I haven't tried compatible ink cartridges yet with the P50 but I have done a fair bit of colour printing, including borderless photos, heavy card and CDs. It's handled all of them with no fuss, no misfeeds and all my CD designs work nicely in the latest version of the excellent Print CD software. Ink consumption seems OK so far - I've done quite a lot of printing and none of the cartridges is less than two thirds full. The print speed is fine and it's not too noisy. So despite some of the reviews I think Epson have got it right with this one.
Several months on and I'm still on the original cartridges, despite printing on lots of CDs plus a few photo & other colour prints. Maybe I'll even stick with real Epson inks. I've never had any clogged cartridges or paper misfeeds and CDs print perfectly (unlike the old R200 which needed you to nudge the CD tray in at the right time to get started).