I agree this is total BS.
You can't just advertise something for overnight delivery, send a confirmation email, then have it on backorder for a week and then cancel it with no warning and no compensation.
I talked at length with a CSR today about the situation and he said that there are a few left, like 331 more or something. They will resurrect that number of orders based on seniority (time you placed it).
If they don't, he basically said I'm SOL; all they would do is "help me find" another similar product, which he admitted would be no different from me browsing the site and buying it myself at full price.
I have always been a fan of outpost.com but this is bull and I'm not going to stand for it.
Insight.com tried to pull some very similar ish with me regarding a bait and switch ("out of stock"

deal and they gave me my money back, let me keep the inferior product, and allowed me to buy the real thing again when it came in stock. That's real service.
For now, Outpost is suck (unless my name is on that list).