Regarding severely delayed flight compensation...
I was booked in discount coach on a delayed flight from Memphis to Seattle last summer. They kept having "mechanical problems", so they finally ordered a second aircraft -- an ancient 757. This 757 had brown/orange color scheme and shag carpeting on the walls... That second plane had a "light" in the cockpit upon take-off and we had to return for another :30 of waiting. We were delayed for a total of 4.5 hours.
The gate agents initally gave us 1 compensation packet and then another when we returned to the gate in the second plane. I didn't think that was enough, so as a non-elite, I e-mailed them a week later and corresponded with a Customer Support Supervisor named Timothy. He ended up mailing me a $60 TCV and zapped me 5,000 bonus miles. I figured that was a good value for my 4.5 hrs. on the ground in Memphis...
Depending on your approach and the amount of your inconvenience, I think that they are very flexible and generous...
Shane