NEW YORK (CNN/Money) - Ever since its merger with Compaq Computer was announced nearly two years ago, it has been fashionable to knock Hewlett-Packard and its CEO, Carly Fiorina.

HP has been making a bolder push into software and consulting services to boost margins, and by doing so it gets labeled an IBM wannabe.

And even though HP is a market share leader in the PC, server and storage businesses, critics point out that it struggles to make money in these businesses while arch rival Dell continues to enjoy immense profitability.

The nicest thing most people seem to say about HP is that it's a pretty good printer company. And you know what? There's nothing wrong with that. It's time to give HP some credit where it is due. That's right. HP should get some props for its printers.

HP unveiled more than 150 new products at a special event in New York on Monday. Many of them were printing and imaging products, and nearly all of them were geared more towards the average consumer, as opposed to businesses.

Among the most buzz-worthy printing related products were a see-through vertical scanner (so you can see what you are scanning), a mobile camera attachment for HP's iPAQ line of handhelds, and an all-in-one printer, scanner and copier with a wireless connection.

HP's Scanjet 4670 scanner allows people to see what they are scanning.

The company also announced that it is also moving into the digital entertainment area with a device known as the DVD Movie Writer that allows people to take videotapes and easily convert them to DVDs. This in particular could be a hot product during the holiday shopping season, said Stephen Baker, a consumer technology analyst for retail research firm NPD Group.

To that end, Vyomesh Joshi, the executive vice president of HP's imaging and printing group, said the company is planning a $300 million marketing campaign during the fall for its new products.

I think the biggest takeaway from this is that it really will be the first time HP is focusing on the consumer since the HP-Compaq merger was announced. Previous marketing campaigns were focused more on HP's corporate products.

This new wave of products seems to be an admission that as long as big businesses maintain a tight grip on their technology budgets, the consumer remains king.

In particular, HP is acknowledging that its printing division gives it an edge over PC rivals such as Dell, IBM and Gateway.

"People look for leadership in imaging from HP," said Bill Fearnley, an analyst with FTN Midwest Research. "These new products are a positive because it extends their bundling opportunities and they are able to use that as an edge against competitors."

HP's DVD Movie Writer converts VHS tapes into DVDs.

And why not push the printing even more? Despite the heft HP gained in the PC and server business by merging with Compaq, the printing and imaging division is still HP's largest, accounting for 31 percent of total sales in its fiscal second quarter. And it's by far the most profitable as well, with operating margins of 16.6 percent in the second quarter.

By way of comparison, the much ballyhooed services division, which makes splashy headlines when multi-year, multi-billion dollar contracts are announced, had margins of only 10 percent.

"This blitz is a reminder of the fact that while enterprises are extremely important to the company, HP has not lost the focus on things that it excels at," said Michael Gartenberg, director of research for Jupiter Research. "The consumer market can be very lucrative as consumers move beyond using their PCs just for e-mail and word processing."

Of course, HP is not the only PC manufacturer making a more aggressive consumer electronics push. Gateway, the struggling PC maker, is now selling plasma TVs. And of course, Dell has made some inroads in the printer market by partnering with No. 2 printer company Lexmark.

But Joshi said that HP has been working on most of the new products for the better part of two years. HP spent nearly 6 percent of its revenue on research and development over the past two years. Dell, on the other hand, spent only 1.4 percent of its revenue on R&D over the past two years, and Gateway spent less than 1 percent.

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If HP hits the sales jackpot this holiday season with the new products, it will just go to show that innovation is still an integral part of any tech company's success, despite hubbub about how there really is no "Next Big Thing" or "killer app" on the tech horizon.

And with a $300 million marketing campaign, HP is sending consumers, not to mention Wall Street, a strong message that it's not only proud of its bread-and-butter printing business, but that capitalizing on the digital photography wave can help lead the company forward to even higher levels of profitability.

"HP is finally showing leadership in the home consumer tech sector," said Peter Kastner, chief research officer for Aberdeen Group. "By standing up and rallying consumers, HP has a very good chance of success."

Analysts quoted in this story do not own HP and their firms have no investment banking relationships with the company.

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