Since I hadn't tried it yet, I wanted to actually profile a printer with the ColorMunki before answering. The results on (the difficult to profile) HP 2605dn color laser printer; decent, but nothing great. Most colors were a pretty good on screen match, others stunk. Solid magenta turned a dusty rose, bright lavender, an obvious blue.
Overall, kind of disappointing when the same image using a canned setup in the print dialogue actually did better. But then, this isn't a good printer to use as an example. Even the Monaco software doesn't come up with a very good profile for the 2605. It's the best of the bunch, but nothing I'd use for color evaluation. Unfortunately, I don't have anything else to test on. Our Epson Stylus Pro 4000 can really only be used with the ColorBurst RIP in OS X, 10.5.x. Epson put out very limited drivers for this model in Leopard.
Heck, you'd probably be better of with the
Spyder 3 Studio package. For only $455 at Amazon, you get the Spyder 3 colorimeter and profiling software and hardware for your printers. Click on the "What you get" tab at this link to see everything it comes with.
I can't vouch for the results you'd get for printer profiles with this package, but I would imagine they're at least comparable to the ColorMunki. Don't be concerned that it's geared towards RGB driven printers. All consumer level color printers profile as an RGB device, even though they use CMYK inks.