This pathetic effort is trying to row up rapids with a kayak, you will get somewhere but not upriver. The tide is too strong and not within the control of the Fed to make a difference. That said there will be some short term economic benefits. Some people considering real estate will be able to take advantage and the lower interest rates will help many in the low and middle price points. In my opinion the fed really has no choice.
I cant tell you what will happen inflation or deflation wise. The report I have seen say there are indications both ways which likely why the fed feels it has to be decisive and do something now. QE-2 at worst keeps the status quo. Without it rates would float up and the risk of recession and delflation grows. With QE-2 inflation is the risk and it seems the Fed sees that as the lesser of the two evils.