How do I share my printer between my two Windows 7 systems?

Question

Some users find that they have a non-networked printer that worked fine in a mixed Windows environment, but found their two Windows 7 printers (one host and one client) are not able to share the printer.
Windows 7 handles networking differently than previous versions of Windows.
The easiest way to get started with sharing printers between multiple Windows 7 computers is to setup a HomeGroup.  A HomeGroup is a way to authorize different Windows 7 computers to talk to each other and share resources.  Microsoft has a good article about HomeGroups that has links to various guides.
Once the HomeGroup is setup, the next step is to setup a host for the USB printer.
This article from Microsoft details how to enable file and printer sharing, sharing the printer, and the basic steps of adding the printer.
The first two sections are fine as they are, but I would like to expand on adding a shared printer to the other Windows 7 computers.  
This process tends to have the greatest success with sharing printers in Windows 7.  Most USB only printers do have a driver available in Windows.
1.  Go to Start>Devices and Printers.
2.  Click on Add a printer at the top.
3.  While it is a networked printer, it is not the current network standard printer.  Select Add a local printer.
4.  Select Create a new port with a local port for type.
5.  Enter \\<host computer name>\<printer name> without the < > symbols.  The host computer name is the name of the computer that has the printer attached to it.  If you do not know that name, go to the host computer and go to Start>Right-click Computer>Properties.  The computer name will be listed here.  The printer's share name was selected in a previous step in the Microsoft article.
6.  Click Ok and the printer driver screen will appear.  Click on Windows Update to ensure it is the most current list.
7.  Select the printer model from that list.
8.  Follow the rest of the prompts.
At the end of these steps, the printer should be shared from the host computer to the other Windows 7 computers. 
Some important notes about this setup:
1.  Only printing will be functional.
2.  The host computer must be on for printing to work.
3.  The host computer could enter standby or suspended mode.  This will interrupt the shared printer on the other systems.
With these steps completed, the printer should be functional on the Windows 7 computers once again.
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I hope this information is helpful to some.  
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