I've worked in an on-call rotation at one company and won't do it again. I was paid time and a half for all time spent dealing with issues while on call as well as a small base amount that was something like 15% base salary for the days you were on call to account for the inconvenience of having to be near a computer, within cell service and able to respond within 20 minutes at any time of the day or night.

I felt like this was fair compensation but I still wouldn't do it again. Getting woken up at 2 A.M. and having to troubleshoot something for an hour and then not being able to fall back asleep or having to interrupt a date or just not planning dates when you're on call is not worth it.

Now my situation was multiple small systems deployed onsite at customer locations and subject to inconsistencies in their networks, weather related outages, failed microwave towers and computer illiterate users. So being on call meant you were almost certain to actually get called. A company with a more centralized failure stack probably goes days or weeks between the on-call person being called.