I've had the sensor hooked up to 5v. Get a pretty, dull red glow from the source, and pins 2 and 4 are indeed quadrature outputs almost exactly 90 degrees out of phase (judging from the poor trace on my valve oscilloscope). Direction encoded like so:
Strip Direction:1->2->3->4. 2 is 90 degrees before 4
The outputs appear to be TTL compatible (I have hooked them up to the pushbutton circuit to a little micro for pulse counting through a
74LS148), and the device hasn't burned out on 5v :) I've also rigged up the vernier caliper with the strip running through the device. Due to my setup, I only have 1cm translation in which to measure pulses, but after moving back and fourth 4 times through 4 cm, I've clocked up 237 pulses. This works out to around 0.17 mm per pulse, and a 50/50 duty judging from the oscilloscope readout. The quadrature output seems to push the accuracy to under 0.1mm... I like these parts, they have potential :)
I'd overlooked speckle... though I'm not sure of it's impact were there a narrow enough beam of light emmitted... Cretainly it appears to be general illumination in the near-infrared that is emitting from the source, and not a beam, which would fit in with it being relatively monochromatic as opposed to coherent. Were it coherent, I'd have expected the sensor to be yet more sensitive :)
Looks like I've got enough information to use the sensor myself now - hope it's useful to others cannibalising HP inkjets!
And just to ensure my pinout is useful, here it is again (even though it'll be all out of alignment when it's posted):
Top View
______ | -> | Phase1 leads Phase2 90deg |