Welcome to FlyerTalk. I appreciate your question.

I certainly think it's fair to let the passenger stand-by for later flights that day. I have a question though as to the fees involved if the passenger can't get on a flight until the next day. The $50 seems reasonable, but as far as refaring the ticket, would that be refared at the walk-up full-fare price? So in other words, a passenger might go from a $250 advance purchase ticket to a $1200 day-of-flight ticket?