I have seen a fair number of apps use Quick Actions as an access point for key functions. Is there a "time and place" for it? When would you choose Quick Actions over a context menu and vice versa?
I would try to use wherever is possible the new design patterns. That would mean the Contextual Action Bar:
http://developer.android.com/design/patterns/selection.html
It looks like Android changes the design patterns every year because the "Quick Actions" pattern was recommend on July 2010 according to this presentation:
http://www.slideshare.net/AndroidDev/android-ui-design-tips
But as I said, I would go with the new ICS design pattern. You can use the Sherlock ActionBar for backward compatibility: