There are international conventions governing your rights in this scenario. Domestically, the airlines generally try to rebook you in the same class of service. I was cancelled two weeks ago (domestic flight) and the airline rebooked me and gave me 25,000 miles as a bonus.
With the current rules on involuntary bumping, the compensation is based on the price for that one-way portion of the trip.
If passengers arrive at the final destination within one hour of the originally scheduled time, there is no compensation.
On domestic flights, the compensation is double the one-way ticket price if you get to your destination between one and two hours of your original arrival time, up to a maximum of $650, and quadruple your one-way ticket price, up to $1,300, if the airline can’t get you there within two hours of the original arrival time.
Most times, I’d be more than happy to take 4x the ticket price for a two-hour delay.