Many a times I would volunteer to get bumped off my short (not long) flight for the airlines compensation deal. It's usually to/from Los Angeles to Las Vegas on Southwest and it's usually about a $100 to $200 travel voucher good for one year plus they would secure a confirmed seat on a later flight and they reimburse the amount paid for the bumped seat. So overall it's about a 3 to 5 hours delay for about $300 in future travel (for about $100 an hour of my time I will jump at the chance whenever it is available and when I'm flexible in my plans).
On a longer flight I might be more discerning about getting bumped if I can help it. However there were times where I had no choice due to delays where for instance one time on ATA (no longer in business) from Hawaii to Los Angeles the flight was delayed an entire 24 hours. The airlines gave everyone a free future voucher good for about $400. Or another flight on Southwest from Philly to Los Angeles the plane had to wait for about 4 hours on the tarmac due to a major storm the airlines reimbursed everyone for the price paid for that segment. That was a pleasant surprise to get reimbursed because I figured that a storm was outside of the realm of the airline's control and everyone would just have to suck it up so to speak but generously refunded the price of the airfare. On that flight as well the airlines gave away free unlimited booze.
On a longer flight I might be more discerning about getting bumped if I can help it. However there were times where I had no choice due to delays where for instance one time on ATA (no longer in business) from Hawaii to Los Angeles the flight was delayed an entire 24 hours. The airlines gave everyone a free future voucher good for about $400. Or another flight on Southwest from Philly to Los Angeles the plane had to wait for about 4 hours on the tarmac due to a major storm the airlines reimbursed everyone for the price paid for that segment. That was a pleasant surprise to get reimbursed because I figured that a storm was outside of the realm of the airline's control and everyone would just have to suck it up so to speak but generously refunded the price of the airfare. On that flight as well the airlines gave away free unlimited booze.