"I understand that I won't get any FF miles for the flights but if I understand I would be eligible for compensation if I get bumped, even on a ticket like this, right?"
Don't completely rule out the possibility of getting miles. Still present your FF card at check in. If miles don't post, save all the paperwork and send it to the FF program for credit. I've had varied luck getting mileage, but it never hurts to try.
I flew with Priceline ticket and was scheduled on a flight where they were desperate to bump people. They paid me $600 and flew me home first class. Never stopped to notice I was paying 50% than the lowest discount fare. You will probably be lower on the pecking order for rebooking or standby, but they won't just abandon you.
[This message has been edited by mch710 (edited 07-21-2001).]