With respect to US Airways there is a difference when canceling the return of a round-trip versus canceling a completely unused ticket. The value of an unused ticket can be applied to any new itinerary. The remainder of a round-trip can usually only be applied to the same city pairs. So if you planned to fly from Phoenix to New York and back but cancel the return trip the "value" of the unused part of that ticket can usually just be used for a trip from New York back to Phoenix. You couldn't, for example. apply it towards the purchase of a new round-trip ticket nor could you use it for a one-way from Phoenix to New York. Now there are exceptions to this rule (ticket was priced using two one-way fares, etc.) but generally that's how it goes.
US Airways does not deduct the $150 change fee from the "balance" of the unused ticket. The ticket can be re-booked up to one year from it's issue date and you pay the $150 fee at the time it is re-booked. Just hang on to the ticket number that was originally e-mailed to you.
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