When I want a secure, offline paper wallet, currently I boot to a USB flash drive running with a bootable Ubuntu Live-CD distro and load from that same drive a copy of the page from BitAddress.org
Though this seems a trivial effort, it is disruptive to me if I have to first shut down, reboot, print, reboot and then log back in to get back to the point I was at when I wanted to create the paper wallet.
If I had a spare computer lying around I'ld use that but at the moment I don't.
In the near future, however, I might have a Raspberry Pi around.
But for something inexpensive that would let you create a paper wallet and print it out, this seems to be capable.
It might have even more use if it could print paper wallets on demand like tickets. I could see using a $50 printer like the Brother QL 700, for instance, where the first ticket / printout is the private key and QR code, followed by a second printout that has the public key and its QR code. (Though I now wonder if thermal paper printouts will fade and become too obscure to scan, as time passes?)
So together, for under $100 of hardware, an individual would have an offline bitcoin paper wallet generator.
Or at least an excuse to order a Raspberry Pi.