I've used waitlisting once before, by a TA, and the seat cleared way before departure. If what BC's suggesting is true, then it makes a mockery of the "benefit" of Silver membership and above:

"Priority waitlisting for flights (excluding reward bookings). If the flight you'd like to book is already full, we'll bump you up the queue. So, if anyone fails to show up, you'll be one of the first people we offer a seat to. "

http://www.virgin-atlantic.com/en/gb...fits/index.jsp