@RPhalange,
Ok I found this:
"You can still choose to be rebooked
If travelers’ flights have been canceled or significantly changed, they can still continue with their trip. Passengers are only eligible for a refund if they have declined to accept alternative transportation."
It wasn't stated in that video, but I was concerned on this. It doesn't say anything about additional cost, but my guess is airlines would prefer you to rebook rather than give your money back, so I hope they won't use this as a loop hole to charge you more to rebook.
To be honest I have had issues with flights being canceled and long delays over 3 hours. However, when working with the airlines I typically was given good compensation. The airline seemed to try as hard as possible to get me on as good a flight as possible. The delays though I was given flight vouchers, but they were a good amount $200 for a 3 hour delay that I had a year to use. It worked well because I was planning another trip and in another case $100 voucher again I was able to use. But yes cash is king! I wonder how much the cash would be though on a delay; I doubt it would be the full price of the flight but probably some percentage. If the airlines offered me a better deal though with a voucher I might be enticed to take that over the cash.