Networked Printer Queue with Peer to Peer

I've searched, but can't find a straight answer to this problem.
Our small office just bought an HP2025dn network printer printer. We use a peer to peer network in a primarily XP environemnt. I've plugged the printer into the router and installed the drivers on each workstation, indicating during install that it is a local printer with a tcp/ip port. Printing works fine although I have to turn off the the Printer Status Notification (ie graphic notification telling you how much ink is left in the printer etc) to avoid slow printing. My question regards the print queue. Does the printer have it's own job queue? There is no indication when looking at the print queue on a workstation (ie double click on the printer in Printer and Faxes), that another workstation is printing. If there is a paper jam (too frequqnetly for a new printer) that information will be shown. Is the printer communicating correctly? I'd like to keep the printer hooked up directly to the router, but it looks like I may have to go back to attaching it directly to one of the worstations and share that workation's queue, as we did with our previous HP2100.