One thing to note--we had to cancel & had a $400 credit and were not going to be able to use it within the year. I called & for $100 I was able to extend that credit for another year.
The BEST part of booking w/ RR points is that if you find a cheaper rate, those points go right back into your account. Additionally, you can cancel the day of your flight & get all your RR points back! (plus they refund the 9/11 fee!)
Funny story--my folks booked SWA last month then changed their minds. My dad thought he could get a full refund. I said, no, but you do get a credit and a year to use it. He went on & on how it just makes him hate SWA more (he likes to choose his EXACT seat before boarding)...I said, well, NO OTHER AIRLINE would allow you to do this. All other airlines charge a lofty change fee AND you have to change your ticket to another flight when you do that (no credits like SWA).
(earlier poster mentioned they could change on United due their status at United; for us lay folks, SWA had the best options)