It appears to me that recent changes to the website are trying to create uncertainty about the cancellation fee conditions for entirely pay later reservations. The FAQ quoted above has conflicting language on the 48 hour window, which does not exist as far as I can tell in the T and C of any of my reservations. What it does say for my rentals is that one should cancel before the pick up time, but nowhere does it say what the cancellation fee is (if any) on these reservations if one does not ever get to pick up the car. Technically, this could conceivably mean charging you as much as the full cost of the rental if you end up being a no show for whatever reason.
Overall I've seen a decline in the quality of the overall customer experience with Hertz, and they are not as high up on my preference list for my car rentals as they once where.