When the big problems were going on in Myanmar Oct 2007 I was ticketed for a 3 week trip ex-BKK. They allowed me to cancel the flight and use the credit (minus a fee) for future flights. It was nice becasue there was no way my butt was going into Myanmar when the military was shooting monks et al.

I'm not a fan of Air Asia, but like Sean said, when you can find the cheap seats they are worth the annoyance.