Yes, Quantum Of Solace is a great name for a story but not so good for a movie. True, it's difficult to see how you can get it into a song title (so they probably won't - as demonstrated by On Her Majesty's Secret Service, The Spy Who Loved Me, Octopussy and Casino Royale). And indeed, a humourous takeoff of 007 songs is not a bad idea. (As opposed to keeping on mentioning Amy Winehouse each time the "Who'll sing the next theme?" question is brought up.)
None of which excuses Edith Bowman, James King and Alison Clarkson (aka Betty Boo) for the fact that their parody Bond song is pretty poor, both as a song in itself and because it's not very funny (Weird Al Yankovic's title song from Spy Hard and the "Scorpio" number at the end of The Simpsons' "You Only Move Twice" both effortlessly kill this one). But I still heart Edith, and judge for yourself.
And it's still better than the last few real James Bond songs anyway.