I'm in a similar situation as mud puppy in that I work for a utility and we do get "overtime" when there's a storm, with VP approval. At my previous job (with another utility), once OT was approved for salaried employees during a storm it was only calculated after working 1-2 (can't remember) hours over 8 for the day. And even then the OT was paid as excess straight time, not x1.5.
But I don't mind being salaried. I'm only expected to work 40 hours. Of course when there is something important that needs to get done I'll stay late to do it, and I don't mind because we take pride in our system so it usually makes me feel good. I'm also on call 24/7, so I'll get calls at like 1 AM or on weekends to fix stuff.
My previous boss told me to treat it like a bank. When you work over 8 you are making "deposits" that you can later "withdraw"
I.e. when it's Friday afternoon at 2pm and there's nothing important going on, it's ok to head out the door.
I enjoy not having to keep track of how many hours I work in a week, and I like that my employers have enough confidence in me to manage my own hours. I am a professional after all (at least at work). I usually head in to work early (well, used to) to beat traffic so there's a few extra 30 minutes or so everyday. I couldn't care less about getting paid for it.
Now, when I was a co-op with a company while in school you had to clock in/out and you were expected to work
at least 40 hours. If you were clocked in for less then that you had to explain yourself. You also had to clock in before 8 AM if you didn't want to explain yourself. So you always clocked in at like 7:55 AM, clocked out for lunch at 12:01 PM, back in a 12:59 PM, and clocked out no earlier than 5 PM. Was pretty stupid. Though, if I needed to leave earlier than 5 PM I just wouldn't clock out when I left. The next day HR would call and ask for a time to put in for the "missing time." You clocked in/out with your fingerprint so you couldn't get someone else to do it, or do it later.