Digital printing can open a whole new can of worms.
I hate to go into too much detail as you can do a Google search and come up with 10 years worth of reading material.
I have used my Epson 2200 for a small portrait studio we ran and have printed many of my customers photos with it, it's a great printer for color and black and white. We went into digital printing to give us better control of our end product, the lab we use does great work as well but with the Epson we can also have 2-3 hour turn around.
Paper is very important when printing from an inkjet, I'd say stick with your manufacturers suggestions until you have a good workflow and understand the process.
For black and white printing, most inkjet printers will print with all the colors to produce an even tonal range. The problem here is your prints suffer from what is called metemarism, which is a color shift that appears different in various lighting situations. In sunlight it may have a magenta shift in tungsten lighting in may look green. To some people it is not a problem, but for the black and white purist the only way to go is black and white. I print all my monochrome with the black only ink, this gives me a neutral black and white print with no color shift. It also introduces some "grain" which is not really grain but the effect of using only one ink to print, it looks alot like the grain in Tri-X so it's not objectional.
The really serious guys will buy an ink set that will give them various shades of black but produces museum quality prints that will last for ever, pretty expensive but amazing.
Instead of boring the hell out of everyone if you are interested you can check out these links:
http://home1.gte.net/res0a2zt/photos.html
http://www.cjcom.net/digiprnarts.htm
The most important thing you need to do to ensure you prints look like what you see on your monitor is to buy a calibration kit which calibrates the brightness and color of your monitor to a standard, it will save you alot of hassle and paper/ink.
It sometimes seems daunting but the results are really nice.
Todd