Handling multiple stock locations or warehouses
There are at least two ways to implement a multi warehouse in Magento; we discussed about this topic during a Magento U course.
The first is that of exploiting the fact that Magento is virtually ready to use multiple inventories as you higlighted. This is the most complex way because you should implement indexing logic.
The second way is that of simulating a multi warehouse by customizing magento product page giving the ability to specify a quantity for each inventory and saving their sum on the default quantity field upon product save.
On order placement you have to implement a custom logic to determine which inventory to decrement (or increment upon order failure).
I will implement a proof of concept of this during a workshop in next november, I will be glad to share my results.