The big news isn't that BTC-E is $40 cheaper than everywhere else, it's that the Chinese exchanges are trading $130 above everyone else! Their lead is usually $20-$40. What's going on?
Well first as the price rises the difference gets bigger and bigger.
But you're right the lead is a bit too strong. I suppose it's mainly because the price changes too fast so it's take some time for arbitrage trader to finish their job ^^
And overwhole it's a very good news! Chinese exchange have always pushed or pulled the market! If they're up by so much that means the average trend is definitely up and for a good amount and a good time!