In my limited experience with QF (low status);
1. Delay of about 20 hrs SYD-LHR in F (using miles), 2 cab charges, room at Pullman (I'm pretty sure cabin class affects which hotel you get) plus meal voucher. Very organised F lounge staff sorted everthing. On arrival in LHR (we landed around 1am), room at Sofitel Heathrow - my connecting flight was supposed to leave around 6am. They will change/rebook your connecting flights automatically.
2. 12 hour delay LHR-SYD in J (via DXB, using miles), as it was a daytime delay, no vouchers, but rebooked on EK flight 9 hrs later and rebooked on a later connecting flight from DXB, and they delayed that flight a couple of hours to wait for us. It was chaos in the BA lounge in LHR, I believe Cate Blanchett was supposed to be that flight, and they sorted her out on the next avail flight while the rest of us had to wait.
3. 9 hr delay SYD-BNE-MNL in J (cash), airport meal voucher for $20 or $30.
4. 24 hr delay/cancelled flight HKG-SYD in J (cash), asked for and rebooked on CX flight that same night, landed in Sydney 2 hrs later than the original ticket.
5. My mate was supposed to fly out on QF25 last night in J (cash); he said QF told him they cant rebook him on a diff carrier anymore (one world or otherwise) and he has no choice other than to wait for the flight today.
I also had an SQ delay LHR-SYD in F (cash) for 6 hours or so, they offered some rather restrictive vouchers to the tune of £20. Consequently it seems like there is minimal difference whether its cash or miles, but I would be a lot more confident asking for a rerouting or rebooking on a diff flight/airline if it was a cash ticket. Be careful with your travel insurance, some do not cover flight delays due to carrier issues (other than bankruptcies).