The quality of output from the Z2320 is fair, given its asking price. There's some feathering of black ink into the paper fibres, but only enough to give a slight fuzz to the look of text. For day-to-day use, text output is acceptable.
Colour graphics are also reasonable, with good solid colours and accurate registration of black text over the top of them. Some shades are a little pale in comparison with the originals, but are good enough for home and small business use.
Photo output is a bit below standard. Although the images themselves are fair, with a good level of detail and reasonable contrast, the ink takes a while to dry and you can end up with smudged images, if you overlay one page with another in the output tray.
The Z2320 would be a good, entry-level inkjet printer if it wasn't for the cost of running it. The two prints cartridges, number 14 for black and 15 for colour, are rated at 175 and 150 ISO pages, respectively. Looking up a cheap source of these two consumables gives prices of around £12 for each, which converts to page costs of 7.87p for black print and 16.1p the colour.
These are both really steep, when you compare with something like the Epson Stylus D92, which has equivalent costs of 2.91p for black text pages and 6.93p for colour.
Since these two printers are direct rivals, running costs of over twice as much on the Lexmark doesn't reflect favourably. Paying nearly 8p for every page of text you print is high enough to curb your printing and may prove counter-productive. If Lexmark is counting on income from consumables to balance the low purchase price of the printer itself.
The Z2320 was never going to be a spectacular printer, but it gets on and does its job reasonably well for a small outlay. If it wasn't for the high running costs - and really Lexmark ought to look at increasing the page yield or reducing the consumable price to get this cost down - this would be a good, basic device.
Print quality is fair and speeds are not that far out of the norm for an entry-level machine. As it is, though, the money you'll have to pour in to keep this printer printing is more than you should have to pay.