Hi Michael,
Sorry to hear that.
For Quicktime, I just drag and drop the extracted file in the /Application folder. Then it should ask to "replace or make a copy", and then choose Replace. Be sure that Quicktime isn't running... even reboot to be sure there's no Quicktime background process if you aren't sure.
I have been doing it with my main (and only) user account... which can have Admin rights, so I don't know if it could work from a guest or any other account... So if it works fine on your main account too, that probably mean your guest or other account files are messed up.
So, since Quicktime is in /Application folder, I'm guessing it's all about the components file... but I can't guarantee it 😟
Try to replace Quicktime with your main account, including the codec libraries and let's see if it will solve the issue for your other accounts. At this point, that's all I know... sorry I can't help more 😟
Good luck!!
Phil
PS: If you ask me, I think like you and do believe Lion has been rush out to be release as soon as possible.... but I never saw an Apple OS with so much trouble, misconceptions, incoherences, etc... The quality old Apple users are used to is long gone with Lion, which is almost the Apple version of Windows Vista. I definitely can't recommend Lion to anyone! (and I'm saying it as a hardcore Apple fanboy...)