i have also found that creating my own custom ICC profiles for the papers i use much more reliable than using each manufacturer's canned ICC profiles. the canned profiles will get you close, but if you have exacting expectations then you really need to create your own custom profiles.
i use the Color Monkey by X-rite to do both screen and print ICC profiles. it does a fairly decent job but i have never....NEVER....been fully satisfied with any print that has ever come out of an inkjet printer. there is always something that is just slightly off...but i end up just chalking it up to differences between the two different formats or the random and frequent printer errors that occur.
i absolutely loath desktop printing...its a horrendous task to undertake if you have the highest expectations. trouble is, making a print is ingrained upon my consciousness as "part" of the photographic process. my wife knows when i am doing prints by the stream of expletives coming from my office and she knows to steer clear of me for a few hours.
anyway....good luck. seriously.....
Closest answer yet.
Color management is...well, prepare for insanity. You'll be insane by the time you figure it out, so it doesn't hurt to be at least a bit crazy going into it.
The ColorMunki, by all reports, is a very capable instrument. The basic profiling software that X-Rite ships it with is not bad, all things considered, but leaves lots of room for improvement.
If you want the ultimate in quality, pair a spectrophotometer (such as the ColorMunki or its bigger brother, the i1 Pro) with ArgyllCMS. It's a free, open source, command line toolset. Awesome, awesome software.
There's also another factor worth mentioning. Even with the best color management, there are still limitations. All devices have limited color gamuts, and it's very common to want to do stuff with images and devices where the gamuts don't overlap. Generally, your camera will have the biggest gamut; your working color space probably won't be able to encode all the colors your camera can capture; your monitor certainly won't be able to display all the colors your working space can encode; and your printer will be able to print some colors you can't get on your monitor but it won't be able to print others your monitor can display. Oh -- and the paper you print on has a huge effect on the colors it can print. What to do with out-of-gamut colors is where the rubber meets the road...and where a lot of the problems happen in well-color-managed environments, and not something one can really answer in a forum post....
However, with the right equipment and skills, I can assure you, it is possible to, for example, photograph a painting and make a print of it such that the artist herself has trouble telling original from copy in a side-by-side comparison. But the road from where most photographers are to there is a long and steep and bumpy one....