IMHO, I think you are being too smart by half. Deflation isn't and hasn't been a legitimate fear. Yes, there's been a lot of talk about it, but I don't see it happening and I don't think the Fed does either. Inflation is a concern, but not a huge one. The Fed STILL does not fully believe that we can grow at 5% to 6% without the fear of inflation, but productivity and technology say we can. Cheap international labor says we can. But the new head of the Fed IS flexing his poker playing skills.
I think the Fed is still pretty worried about deflation. Just take a look at Bernanke's speech from 2002:
http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm
Greenspan was talking about it as late as early 2003. The only thing that saved us from deflation IMHO was the War. That kicked up government spending big time.
Have you noticed that consumer credit has fallen now two months in a row?