[lug] How does bash "set -e" work?

[Rob Nagler]

I've always wondered about "set -e" in subshells.  Here's a simple script:

sh -x <<'EOF'
(set -e; false; echo not1) || echo ok1
(set -e; false; echo not2); echo ok2
(false && echo not3) || echo ok3
(false && echo not4); echo ok4
set -e
echo ok5
false
echo not6
EOF

What I would expect is:

ok1
ok2
ok3
ok4
ok5

However, that's not the case.  I get:

not1
ok2
ok3
ok4
ok5

It seems that the "set -e" is affecting the parent shell.

Am I missing something?

Rob