The problem is that with WPA-PSK it is easy to derive the PTK from the PMK by capturing and using the 4-way handshake.
Does this apply to WPA2 as well?
How else would you print stuff? How does the printer having its own encrypted channel prevent it from printing stuff?
Not true. Ever heard of promiscuous mode?
> How does the printer having its own encrypted channel prevent it from printing stuff?
It doesn't. You can set up an encrypted channel between your computer and the printer by using a secure printing protocol. The point is that "the network" doesn't provide secure channels between all pairs of clients; it's up to the clients.
For wireless, you... sit up to a few hundred feet away (miles if you have a good parabolic antenna), and run Wireshark. It's entirely passive and undetectable.