Some good links to have prepared...
Q&A: New air passenger rights
http://news.bbc.co.uk/1/hi/business/4267095.stm
Will the rules only apply to EU residents?
No. Although the regulations have been created by the EU, you won't have to live within the EU to benefit.
People flying into the European Union from overseas will also be covered by the new rules, as long as they are travelling on a European airline.
EU Air Passenger Rights
http://ec.europa.eu/transport/passengers/air/air_en.htm