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Oh wow. I love this idea (edit: AND execution!).. I guess it's a minor bummer that I assume my printer won't print full-bleed but still... Things I'd love even more: Indications of exact sizing and the ability to choose what shade of gray/black to be printed.

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This one has some of the options your are looking for such as spacing, color, and page border: http://incompetech.com/graphpaper/

Gridzzly (and why is this not gridzz.ly?) is nice and all, but the Incompetech generator is in fact much better. Still, we're startup fanboys, we're not that bothered about substance if there's some nice style on offer.

The Incompetech has some useful ones like polar and triangular, too.

Another option: http://paperkit.net/

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