This happened to me on Virgin in April last year.
The aircraft was scheduled to be a 737-800 from SYD to OOL. It went down to an E190 (ZPC) after check-in, then down a third time to an E170 (ZHE), because an E170 went tech somewhere in the network.
So at the gate with a two hour delay, they called for seven passengers to volunteer to get on a later flight (to OOL), with a refund of the flight.
So I volunteered, because the later flight was only an hour to wait and was another 737-800 (VUE). BUT!!! The refund is not really a refund, once you volunteer they then tell you it is a credit to be used on Virgin within the next 12 months.
They also gave bundles of $5 food vouchers ($110).
They also sat us in premium econmony (red seats) to which there was no difference to sitting in ecomomy.
Then on the return flight from OOL to SYD, we commenced decent into SYD (on VUY) and went into orbits or something, then headed north for 15 minutes before diverting to Brisbane. That was the evening the T2 had a security blunder and SYD airport ended up closing due to it clogging with arriving aircraft on the tarmac unable to park at gates. That night we got put into a hotel, and flight credited back for future use, and flown from BNE to SYD (VUS) the next day.
One thing for certain is that Virgin does go out of their way to look after you.
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