Thank freaking god for AA's policy, this reinforces my respect for them tremendously. I had a similar situation with them last year around this time, major NYC snowstorm, me scheduled to leave LAX. They canceled a lot of flights, but the ones they didn't cancel left OK and on time, everyone knew where they stood, they did a good job of calling me and updating me starting the day before. As a result there were not thousands of AA passengers standing at LAX even though they'd canceled about 15 flights. People inconvenienced, but not chaos.
The idea of leaving people stranded in planes on the ground for 8 hours is so utterly out of line that I would never fly that airline again and would want to sue. Remember that flight (NWA?) where the passengers revolted? Even in a blizzard, you get a ladder out there, find another gate, something. I can't believe in this day and age people still do this. I would have gotten myself arrested opening the door and sliding down the inflatable raft and walking to the belt parkway to get a car service.