Most users just want to quickly put the content of the screen on paper for bookkeeping or use away from the computer. The key here is that all content on the screen is available to the user and that annoying extra white-space is avoided. No one likes to get extra pages with just one or two lines of content on an otherwise completely blank page of paper. IE 7 solves these problems by introducing: Shrink to fit and Orphan Control to minimize white-space.
[ IEBlog : IE7 Printing: An Experience You Won’t Want To Miss ]
Do yourself a favor and check out the whole article. This is seriously well though out, and looks as if printing is no longer just an afterthought. So far with IE7 it's been nice to have better standards compliance, fancier interface, RSS understood, search providers, etc. But this is really an unexpected delight.
Good job IE Team!
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Disclaimer The opinions expressed herein are my own personal opinions.