With the passing of the new European Air Passenger Rights (Regulation 261/2004), airlines will have a pretty clear set of obligations come 17th Feb 2005. These will apply to all flights originating from an EU airport, whether the airline itself is European or not, scheduled or charter.
In summary;
Compensation amounts (cancelations, denied boarding and significant delays):
EUR 250 for all flights under 1500km
EUR 400 for all EU flights over 1500km
EUR 400 for all flights to outside the EU between 1500km and 3500km
EUR 600 for all flights to outside the EU over 3500km
For denied boarding, or cancellations without adequate notice, in addition to the above compensation, you also have the right to a full refund of the cost of your ticket OR a return ticket to the first point of departure OR re-routing to your final destination at a time convenient to you. You're also entitled to meals, drinks, two telephone calls or emails and, if appropriate, a hotel.
The definition of a delay is 2 hours + for flights under 1500km, 3 hours + for the flights between 1500km - 3500km and 4 hours + for flights over 3500km. If the delay is over 5 hours, then you can opt for a full refund OR a return flight to the final point of destination (similar to the situation above if your flight had been cancelled or you had been denied boarding)
If you're worried that airlines may try and hide all this and rely on the ignorance of passengers in order to avoid coughing up, part of this new EU regulation is for airlines to clearly state these procedures at check-in, and hand out written notification to customers who may be delayed or effected by a delay, cancellation or denied boarding.
Airlines who don't comply face 'sanctions' which are described as "effective, proportionate and dissuasive".
The get-out-of-jail free card for airlines is if a cancelation was due to "political instability, meteorological conditions or strikes", and the airline had taken all measures possible to avoid the cancellation. Interestingly, the wording of the regulation doesn't give them this get-out if there is just a delay, but that may change before this regulation comes into full-force. I wonder whether they'll try and use that excuse ("the wrong kind of snow") if it can be shown other carriers could successfully continue operations at the same airport?
Going back to the original post, I guess this wouldn't apply since your flight originated outside the EU (in Orlando). But for KeithAB, that 4 hour delay on VS001 will get you EUR 600, plus your meal voucher after Feb 17th next year - depending on what caused the delay.
Pix