Best low cost canon all in one printer
I have an MG8120 (got a good deal on it...around $209) and its a really nice printer. As an All-In-One though, the MG series lacks fax and a document feeder, so take that into account if that's important. Printing is fast but takes a long time to get started, even on relatively simple documents without a lot of graphics. The delay from one page to the next is shorter, but still nothing like the HP AIO it replaced (and I won't even mention my monochrome Laserjet P2015dn in the comparison).
Also, the MG's use new ink tanks (CLI-226) which are a bit harder to find at the moment in retail stores though I'm sure that will correct itself in time. There also isn't a lot of aftermarket ink support yet and it's not clear if a chip resetter will be available for the new tanks.
If you decide to look outside Canon, I have to say the Epson Artisan 835 looks really, really nice. I was almost set on it myself but went over to Canon due to concerns about the non-removable print head. Especially now that I have a laser printer for high volume document printing, I sometimes go long periods (like months) without touching the inkjet, and then use it heavily for a while, etc. Though it's probably expensive, the Canon at least has a replaceable head, but even then I've tried to shift a little more non-photo printing over to the inkjet to keep the ink flowing.