On Windows XP, Vista and Server 2003 you can only use XP/VS Auto Printer creation for which you will have to install a printer driver on the XP/VS Server once for each client attached printer model.
For more details : 4. Auto Printer Creation

On Windows 7, Server 2008/2008 R2  and Foundation Server 2008 R2 you can also use TS Easy Print for which you do not have to install printer drivers on the XP/VS Server.

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Beginning with Windows Server 2008 printing with Terminal Services has been improved by the Terminal Services Easy Print printer driver.

The main feature of TS Easy Print is that the client's printer driver does not have to be
installed on the Terminal Server - a "driver-less" solution for printer redirection over
a remote desktop session.

TS Easy Print is basically a printer proxy that redirects printing-related work to the
user's local machine using the printer drivers installed on the client computer.

SERVER REQUIREMENTS:

Microsoft offers this feature on the following server side operating systems:
. Windows 7 Ultimate
. Windows 7 Enterprise
. Windows Server 2008 (only with Terminal Services role)
. Windows Server 2008 R2 (only with Remote Desktop Session Host)

With Thinstuff XP/VS Server installed TS Easy Print is supported on the following
additional server side operating systems:
. Windows 7 Starter
. Windows 7 Home Basic
. Windows 7 Home Premium
. Windows 7 Professional
. Windows Server 2008 (also without Terminal Services role) - Service Pack 2
. Windows Server 2008 R2 (also without Remote Desktop Session Host role)


CLIENT REQUIREMENTS:

The client computer has to run Remote Desktop Connection (RDC) 6.1 or better.
On Windows XP and Vista clients you must have installed at least Microsoft
.NET Framework 3.0 Service Pack 1 (SP1).

Windows Vista with SP1 already includes both of the required components.

Windows XP with Service Pack 3 already includes RDC 6.1 but you must install the .NET Framework separately.
On client computers running Windows XP it is highly recommended to install Microsoft Hotfix KB-954744 which fixes potential TS Easy Print issues regarding garbled characters and incorrect orientations.

ADDITIONAL LINKS:

Terminal Services Printing

Using Remote Desktop Easy Print in Windows 7 and Windows Server 2008 R2

Introducing Terminal Services Easy Print

solving TS Easy Print issues - recommended hotfixes