A printer without cartridges?

Epson has introduced a new printer -- the EC-01 -- that works without cartridges. This article gives a brief description of the printer.

Basically, the printer is designed to print approximately 8,500 pages before it needs to be replaced. Epson states that the printer can then be returned to them in exchange for a partial credit toward a new EC-01 printer. The company is trying to market this as an eco-friendly alternative to printers that use consumables like cartridges.

I suppose the biggest question is what happens to these printers once they are used and returned to Epson? Does Epson refurbish them and re-sell them as new? Do they salvage some parts and dispose of the rest? Are they built in such a way that the "ink" is just refilled within the printer? And do consumers want to but a "new" printer that is actually refurbished?

Another issue will be how the exchange process works. Does anyone actually like the idea of having to pack up their printer to return to the manufacturer because it is now out of ink? How long is the turn-around time between shipping off the old printer and getting your "new" one?

What do you think about this type of printer? Would you consider buying one? Why or why not?