I have the i9950 as well and have no real complaints with it.
However, making an A3 size print with a black background would be damn expensive ink wise! I guess it would still be cheaper than getting it done at a printer.
The Canon ink for this printer retails for around $25 each in Australia. In the USA, you can get it for around $15 or so, or as a 6 pack with one of each colour for a discount.
The best price that I have seen for them worked out to $10AU each, but that was in Tokyo
For paper, I'm using
Ilford Galerie.
You will get good colourfastness behind glass, but prints exposed to the air will fade noticibly after 2-3 years.