[Couldn't get the right quotes, so here's a cut-and-paste job.]

Wingnut said 'On a "scheduled" carrier you would expect to be booked onto the next flight, endorsed onto another carrier, or offered overnight accommodation if something went wrong on the last flight of the day.'

You often don't get these on the lowest fares anyway, which I think is a fair comparison. There's even a post on the BA forum where Concorde passengers say they were refused hotel accommodation after a significant schedule change.

Wingnut said 'I fail to see how this is useful! ... You need to get there rather than get a refund!'

Excuse me, I have been delayed more than 4 hours by LH, BA, UA, VS, US and probably more. Guess what, they didn't refund my fare. EZ does, and I find that quite amazing.