Wow you're pretty much all over the place here. First before you write a complaint, even if it's just a forum, it's best to gather your thoughts and get the story straight because you'll leave yourself open to contradiction. Your major contradiction is
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But really, they would not have made it in the 30 min. window even if the other flight was on time, due to some logistical issues within the airport
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30 minutes is cutting is pretty close and a longer layover would have been better, especially if they are older folks, then it cannot be healthy for them to run through terminals. (I can attest to that as more gray peppers my hair). Second, you say they arrived 13 minutes before the flight... before it departed? if that's true then yes they were late and their seats were released for standbys, not sold. It also sounds like the flight was oversold if Continental had someone who was willing to give up his seat, so your parent's seat was probably given to someone who didn't have a seat, but a confirmed resrvation.
But your parents were late from a United flight, that is where you need to begin. However United did their part in giving them a hotel discount voucher and a new flight.
But to answer your final question, I don't think Continental would have given them the hotel, travel vouchers etc, simply because they were not there or even checked in for the flight. I'm not saying it was there fault, I'm saying they are not qualified to receive such compensation if there were not there from the start. You can try and ask United for travel vouchers as your parents were late from their flight, that would be your only recourse in this matter.