Calibrating your monitor with one of the colorimeter-based tools available is well worth it if you want accurate color. After all color-correction and other post-processing tasks are going to be difficult if your monitor isn't displaying the image accurately. The new Eye One Display 2 is supposed to be very good.
For printing, things get a bit more tricky. Getting extremely accurate prints is actually quite difficult, especially if you want to do any B/W printing. There are several "levels" of accuracy in profiling; which one suits you will depend on how much time, efforrt, and money you're willing to put into it. Here's a quick rundown:
Canned Profiles - Most printer manufacturers offer profiles you can use when printing on the same manufacturer's papers. If you're sticking with OEM papers this might be worth a try, but the accuracy of the results will depend on how similar the color reproduction of your printer is to the one the profile was produced on. Additionally, some 3rd-party paper manufacturers such as Red River and Ilford also offer canned profiles for the more popular printers.
Scanner-based Custom Profiles - This approach lets you create custom profiles using a scanner and some profiling software. If you already have a scanner it's a pretty inexpensive way to try custom profiling since you just have to buy the software. The results are only average IMHO, and in many cases not much better than a good canned profile. You can get pretty good color this way with tweaking, but IMHO B/W printing is pretty disappointing.
Hardware-based Custom Profiles - This is the "real" way to create custom profiles. However it's not cheap, the "entry" level package would be the Eye One Photo at about $1200-1300. Unless you're really serious about getting high-accuracy prints on a variety of printer/paper combinations or just have money to burn, this option may be overkill. But the accuracy of the profiles is terrific, even B/W printing can be good (though B/W is still somewhat a matter of luck, I've found that the profiles for some papers end up being more accurate than others).
Custom Profiling Services - There are vendors out there who offer the service of creating custom profiles for you. Basically you print the test charts and send them to the company who will then create the custom profile for you using their high-end equipment. If you only use a couple of paper/ink combinations this can be an affordable way to get high-quality profiles.
The above all applies to desktop printing with your own printer. In the case of labs, some of the labs have created their own custom profiles which are applied automatically during the printing process, so all you have to do is make sure your image has the correct color profile embedded (sRGB is usually assumed if you don't embed a profile). In this case the lab will usually have a profile available for download from their website which you can use for soft-proofing. Additionally, Dry Creek Photo (
www.drycreekphoto.com) has a library of custom profiles for various labs around the country that you can download. To use these you would need to convert your image to the target profile, and then save it without any embedded profile before sending it to the printer.
This may be more information than you were wanting, but color management is a big topic. :) If you have any questions feel free to ask.
Regards,