Lambda the Ultimate

I'm confused by the issue of producing programs using quasi-quotation that themselves use quasi-quotation. Lets use <...> for quotation and ~ for splicing. Consider the expression <...<...~e...>...> where e is some term that produces code. Should that evaluate to the program ...<...e...>... with e spliced in, or should that evaluate to the program ...<...~e...>... that contains a splicing sub-expression? Given the first choice, how would you achieve the behavior of the second choice? And given the second choice, how would you quote a program with a splice outside of a quote? How does that all fit together in a coherent and expressive whole? What about indicating at the splice point to which quotation that splice belongs? Or introduce an escape construct \ so that you can express quoting a splice as <...<...\~e...>...>?