There is no advanced black and white option in photoshop. That from your printer driver and only a few printers offer that. My Epson R2400 does, and I agree its as good as imageprint as far as print quality, which is why I didn't buy Imageprint for the R2400. I did get it for the 2200 because the 2200 does NOT have a black and white mode; so I was kind of stuck. I think IP is disgustingly overpriced, but it does work and for many printers it is the only option if the best quality is your goal. Many newer printers don't need it.
Photoshop doesn't actually print anything. It hands the file off to the printer driver after converting its colors to the profile you select in the print dialogue box. The printer manufacturer's driver does the rest, so you can actually close photoshop in the middle of a print, no problem!