I saw this comment on the WSJ - * This is an intriguing idea, but the problem I see is that airlines will not rebook you (fee-free, at least) until their own internal procedures have declared a delay or cancellation of a flight. By that point having the intel becomes useless. Seems like a good point
But I also travel a lot for business, and when I do, travel is 100% critical. If I don't show up when I am scheduled to, there will often be several thousand people - not to mention three national news networks - waiting for me and my traveling party. Those people won't wait around, and will embarrass me and my people on a national stage.
Hence, for business travel, I use a travel management company for all my movements. I fly full-fare economy (so there are effectively no penalties to change my flights), and have a someone who gets paid a significant commission to monitor the status of my travel plans and adjust them on the fly based on weather and traffic conditions. Maybe 1.5 times per month I'll get a call/email from my travel guy some time between a day and a few hours before my departure telling me something has changed - either my routing or my departure time (incidentally, my travel guy is the only person outside my team who has access to our detailed daily calendar, so he can adjust for this).
I have no doubt that my travel manager would pay good money for this information, if it was statistically reliable. For people who travel for fun, I think you're right - a delay isn't a delay until the airline says it is. But for people who absolutely have to get where they're going - to the level that they'll charter a plane on an hours' notice if needed - this would be invaluable.