I normally play weak jump overcalls as the same strength as preemptive openings, so this hand is too strong. I might bid 2♥ at matchpoints, though, since at matchpoints it is extra important to prevent the opponents from finding their spades fit if it is going to be a partscore battle, and relatively less important to bid game accurately.
The world would be such a happy place, if only everyone played Acol :) --- TramTicket
Huh. I'm the fifth vote and so far we all agree. 1♥ by E, 3♥ by W. Oops, Helene makes it 6. Such agreement is rare!
Generally I think that a weak jump overcall should be approximately the same hand as an opening weak 2. And if there had been a pass on my right, I open this 1♥, not 2♥. I see no reason to do anything else here. As for W, 3♥ seems clear to me. I see that there is a fine chance that the hand brings in ten tricks but it's still 1♥ raised to 3 and then a pass ofr me. I suppose it matters some just what South does over East's 1♥. It would be surprising if he did not bid some number of diamonds. But it is still far from clear West shouold do anything other than 3♥ over, say, 2♦ by South.
If next hand passes partner's 1H overcall, I would consider a mixed raise (3D) rather than a garbage-showing 3H. It seems that a hand which is possible for game opposite as little as partner having the Heart King instead of the Queen isn't right for one of our strictly preemptive jump raises. Of course, we still would not get to 4H with the mixed raise unless partner has a better overcall than that ---but, with a hand which should be in hand, she certainly won't be bidding 4 over a crap-showing 3H.
"Bidding Spades to show spades can work well." (Kenberg)