We fly out of EWR most of the time. (til we discovered SW Dings and the ease of PHL...) In Feb '05 we were bumped as it's a very busy time-- the flight was overbooked as EVERYONE wants to leave NJ over President's Week. Seems like major blizzards often occur during that time so the chance of weather delays is significant too.
We were okay with being bumped as they put us up overnight, sent us in first class the next morning (although we got the same bag of pretzels as the plebes in coach, which was a tad disappointing) and got two free trips out of the $400 vouchers they gave us as compensation. There were a lot of frantic calls regarding car rentals and we wound up landing in Miami and driving to a different airport to get our luggage.
This year, we specifically picked EWR and Continental instead of getting a cheaper flight on SW for next month due to the possibility of bad weather- EWR is 10 min away vs. PHL which is an hour and a half.
Wish the weather would stay like it was yesterday-- it actually passed 70 here and set records. We hung out in Central Park where the roller skaters were dancing in sleeveless tops- Eyewitness News was there too, it was pretty neat.