Europe is a banking based continent, in contrast to the US where financial markets play a prominent role. As a result, wealth effects in Europe are much smaller than in the US. QE thus has a smaller favorable effect on the economy.
You are right, they should implement it given the low inflation level present for an extended period. But as shown by history, the ECB always reacts later and less agressive than the FED. This is because the ECB has a sole objective of keeping inflation close but below 2% (imposed by the Germans having experienced periodes of hyperinflation). Even today, the germans and some other hawks are still reluctant to pull out the big canon.
QE leads to an increase in bond prices, and supports equities as well. However, whether or not equities go up, depends more on how people react.