Microsoft makes a neat program called "Print Migrator" that packages all your installed printers and their drivers into a nice little CAB package. I've used that program numerous times changing our terminal servers around and it works great. Check it out next time you have to move printers, you won't be sorry.
Actually, it's running Server 2003 Enterprise. It's running some certificate services too. So obviously, P2V is the easy solution for us. I don't want to have to mess with that or moving files or even using the Print Migrator. As for security, everything is locked down pretty tight. We're using NTFS like crazy on our file store. It's very granular, so we don't worry too much about it. And it works for us. I tend to agree though, eventually when it's all said and done, we won't have a server doing multiple roles. But for right now, it has to be this way.