A mate of mine was travelling LHR to SYD with BA. (Jan 2002 I think). Overbooked and there were several offers floating around.
1. £200 cash if they take the later flight. (arrive in SYD only 40 min later than original schedule)
2. £500 in vouchers if they take the later flight.
3. Equivalent return ticket to any where in the world on the BA network to be used at any time valid for 12 months if they take the next flight. That's the deal my mate took