I can also confirm that SAPSprint runs fine on Windows 2008 R2. Granted I am using 7200.3.7.14 (according to sapsprint.dbg).
Did printers exist before the installation of SAPSprint? I have noticed that adding new printers without restarting SAPSprint can some times be an issue.
Firewall settings?
Any useful information in the SAPSprint logging?
I would also think the only down side to not using SAPSprint if you have LPD working with Windows is the various options provided by SAPSprint...