Laserjet--- a laser shines onto a drum, the drum gets charged, attracts toner, and is applied to paper at high temperature and pressure. Thats why the paper is warm when it comes out.
Pros -
Faster printing
Better Quality
Ideal for high volume printing
Most have inbuilt bigger buffer memory
Cons-
Expensive
Toner expensive
Colour versions really expensive
verdict - Ideal for Office or SOHO and also if you have to many bucks to count. However the cost of toner might kill you.
Inkjets- As the name suggests they spray ink onto paper, or in case of bubblejet , a bubble is made which bursts to put the ink on paper. They use movable heads to spray Cyan, Magenta, Yellow and Black ( commonly CMYK) colors. Inkjets combine these colors to make any shade possible.
Pros-
Much Cheaper
Color printing cheap
Consumables cheaper ( i say cheaper and not cheap as as the cost of cartridges outweighs the cost of the printer in a few years)
Cons -
Lesser Quality
Slower speed
Verdict - ideal for low volume home printing, or color prints when the budget is tight.
I dont guarantee the technical accuracy of all this info, however all this is true to the best of my knowledge
In both types of printers i see that the cost of cartridges/toners is quite large, so is refilling a good choice. Its cheap true, but the ink quality is bad. Moreover some companies revoke warranty if you dont use original consumables. Addon something productive if you know more about it or correct me if i am wrong somewhere.

