The reviews I've seen have painted a different picture. (No pun intended!)
It's a photo printer, and so it has been optimized for that purpose... that said, my Canon i850 is sensitive to the paper used -- on some plain paper, it's awful, on other plain paper, it looks great. (HP's inkjets still have the best B&W text, albeit at the cost of metamerism problems on glossy photo paper.) So you have to choose paper carefully.
The reviews I've seen of the i9900 (i9950 in Europe) do indeed say that it doesn't make as good a proofer as some others, but that it makes a superb photo printer, and is by no means a bad printer. In fact, it's arguably the finest photo inkjet printer out there.
What nobody disputes is that Canon's inkjets are massively faster than the competitors (we're talking 1/3-1/2 the total print time!!).
Note also that the i9900 isn't supposed to be their proofing model: they have a different one, the w2200, for proofing.
And of course, if you look at the reviews in photography magazines, and here on the forums, you'll see that the general consensus on Canon's photo printers is that they are superb.
tooki
P.S. Be sure to print from your Epson regularly, lest the print heads get clogged.