I had a slightlybetter experience with Delta.

On 1/2/06, my flight from PHL to ATL was delayed because ATL had put a groundstop on many flights due to weather. I got to ATL about 3 hours late, but my connecting flight from ATL to MSY was first delayed and then cancelled. The next available flight from ATL to MSY they could confirm me on was 2 days later (what with the holiday week and all). Everyone on my flight had an option to fly to any nearby airport they chose, and my best choice was to get confirmed on the next day's 2pm flight to Lafayette, LA, about 3 hrs away from MSY. I had to spend the night at the airport, but the next morning, I went to the gate where the first flight to MSY was departing, and asked to be put on standby list. The GA did this with no problem, and I was lucky enough to make it on to the flight, even though the standby list had about 20 people on it. I was Silver Elite. I didn't get charged any standby fee.

The only thing Delta wouldn't do the night before was put me on another carrier's flight, because it was weather delayed.