Looking for some pretty specific advice, and don't see much info on international VDB's here. Never had to negotiate one before, and don’t want to come out on the short end.

Have a PVG-ORD flight on 8/11, plane looks full (F4, P2, A3, CO, DO, ZO, YO, etc).

Contemplating trying for the bump, and go the next day through SFO (where there is room in C).
My questions:

1. Has anybody been VDB'd in PVG? I have been on, what I thought, were going to be oversold flights, but they end up having empty seats. Are the odds slim of a bump occurring?
2. What can I really expect for compensation (besides the upgrade)? I see reports from $400 and up in travel credits on overnight delays.
3. Will need lodging, but is location and hotel quality negotiable? I want to be in the city (easier to find someone to drink with), and would rather not stay at “Chang’s Scooter Lodge and KTV”. What is the best hotel I could expect?
4. Confirming.. I assume that putting my name on the waitlist does NOT automatically imply acceptance of any terms issued by the GA. I have seen threads on losing your seat, or flights leaving before the details are finalized. Any tips on preventing that would be appreciated as well.

Thanks.