Nevada1K

I was (voluntarily) bumped ten days ago in a situation where all remaining LAX-LAS flights were sold out on a Friday night and the "priority standby" policy applied...

Excerpted from the Southwest website:

Southwest Airlines Customer Service Commitment
Overbooking

Volunteers

If you volunteer to give up your seat in an oversale situation and we can rebook you and accept your ticket on the next Southwest Airlines departure to your destination, we will also give you a travel voucher in the amount of $100 plus an amount equal to the face value of your remaining one-way flight coupon(s).

If the flight to your destination immediately after your originally scheduled flight is booked to or beyond capacity, you will be placed on a "priority standby" list and your compensation will increase to a travel voucher in the amount of $200 plus an amount equal to the face value of your remaining one-way flight coupon(s). If you are not accommodated as a standby Customer, we will confirm you on the next Southwest Airlines flight with seats available to your destination. You will not incur an increase in fare.

http://www.southwest.com/about_swa/c...erbooking.html