Thank you for your responses. And you're both very correct in that I should have added more detail.
Here's my scenario, we booked an "Ocean View" room for my wife, 2 young daughters, and me on an Alaskan 10-dayer out of SF. Unfortunately, we were too late to land a balcony room that accomodates the 4 of us. So we went ahead a booked the former and were wait listed for the latter (our T/A was told that we were #7).
I guess our scenario is a little different in that we are planning on going either way, so our base case scenario is a last minuite upgrade. For the reasons TrvlPro mentioned, that may ultimately play to our advantage. We shall see.
(This is our first cruise, so I will have plenty more questions.)
Thank you all again!