The euro is still falling: NOT good news.

[opebo]

Actually if the Euros would just print their way out of their 'deficits', we could do the same competitively, and increase our government spending another 800 Billion per year, giving us the V-shaped recovery.

(By the way the easiest and best economic booster right now would be to monetize the 'state and local' deficits, obviating cuts in state and local spending)

[opebo]

When is it bad for a currency to devalue?
Does this effect imports/exports somehow?

In fact it is generally very stimulative for an economy to have its currency devalue.  So, unless the economy is in danger of inflation (and certainly Europe is more in danger of deflation than inflation at the moment), devaluation is all to the good. 

As a happy side effect the US can also be more stimulative to try to competitively devalue as well. 

Regarding imports/exports, obviously if you devalue your exports go up, as for imports, generally they will go down as they get more expensive, though this link is somewhat less direct.