I have made my thoughts on QE pretty clear (http://marketthoughtsandanalysis.blogspot.com/2010/10/some-thoughts-on-qe.html).
I believe that QE is not an inflationary event (I believe there are likely inflationary events to come in the future giving us a stagflationary-like landscape [large macro deflation against which monetary policy will flail against creating upward pressure on real assets {and no, equites as a general asset class are not real assets} which will further choke economic growth], but QE has nothing to do with that).
The Pragmatic Capitalist has a great chart comparing the current QE announcement and rally as compared with the Japanese prototype back in 2001. Very interesting indeed.
http://pragcap.com/revisiting-japans-reaction-qe