How well does it work in practice? Well on my Epson ET4500 I get a few clogged jets every two or three months, but running a cleaning cycle has always cleared them. A bottle full of black Epson ink costs about £7.50 and seems to last about 1000-1500 pages. Colour has the same price, but I don't use enough colour to estimate low long it lasts. There seem to be several alternative ink suppliers.
This isn't a universal recommendation, just a response to your specific points. There is a premium for the tank models, so whether they are worth it depends on the amount that you print.