I suggest placing the <object> tag inside the <video> after the sources. Old browsers (e.g. IE <9, Firefox <3.6) that do not support the video tag ignore it and display what's inside it, and new browsers that support video will ignore any internal content (except for sources, of course).
You can do your best by placing backup content inside the <object> for older browsers on systems that do not have Quicktime installed. Typically, this will be a poster image and an offer to update the browser or a link to download a video file.
Watch the Video for All for a more complete description of how this works and examples. Just replace the Flash object with the Quicktime object. (I suppose, if you wanted to be very thorough, you could put the Flash object inside the Quicktime object, so old browsers on machines that don't have Quicktime installed can revert to Flash if they have one. But this is probably very small number of people and probably bust.)
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