Since with USAirways situation this a FAQ (what will happen to my ticket on XYZ if there is no USAirways) I suggest one of the mods compose a good answer and post that as a sticky on this forum.

As an aside I have award reservations on Feb 2005 for USAirways. I'd give them 50/50 odds (or worse) to make it so in my case I'm making everything flexible so I won't get stuck with a bill if I can't make it (ie hotel is on award points but won't cash out the points till week before.. can cancel reservation up to day before w/o penalty)