Interestingly, the day before I did in fact see a problem with a TWS quote. Near the end of the day, for at least 1/2 hour or so, TWS's ISLD quote for QQQ looked like it was being delayed. This delayed value was then being used when determining its BEST QQQ quote, which was therefore also screwed up (the bid, for example, was constantly above the ask, due to the bad ISLD quote). I also verified that this was not an ISLD problem.
So I suppose that in such a situation, any dependence one makes on IB to execute a trade based on bid/ask will get messed up, but that market orders will work as expected. Anyway, my first rule of trading has now become, "always doublecheck integrity of data via second quote source", since every one of the 10 or so sources I've had experience with this year seems to periodically screw up (but never 2 at once...yet).