The multifunction printer is also known as the "all-in-one" or sometimes a "central output" machine. They are also rapidly gaining in popularity and may one day replace the need for separate home office peripherals.
Most multifunction printers operate as a scanner/copier/printer with both black-and-white and color printing options. However, some multifunction printers include fax machines and sophisticated computer full-office functionality.
What's most important in deciding on the multifunction printer for you is to look at both purpose and requirements. Do you require a scanner at all, or can that function be done outside the office? How often do you use a fax, or can you rely on internal fax software? And do you require other functions, such as folding, sorting, punching and binding?