Vaguely off-topic nitpick: Although "Quick Time Event" appears to be the established term these days, I would suggest this mechanic is more properly named, "Laserdisc Event."
Dragon's Lair, which is [em]nothing but[/em] this mechanic, was created using a CAV laserdisc [http://en.wikipedia.org/wiki/Laserdisc]. If you failed the event, the laserdisc player would seek to an alternate segment where you died. Even the Wikipedia page on Quick Time Events [http://en.wikipedia.org/wiki/Quick_Time_Event] acknowledges Dragon's Lair as the first embodiment of this technique. Ergo: "Laserdisc Event" -- or perhaps "Dragon's Lair Event" -- is more apropos.
We now return you to your regular Wednesday nitpickery...