Interesting post here from Mike Fridgen of Farecast on the changing dynamics and power balance in travel, especially the consequences of yield/pricing pressure at the GDSs. Not surprisingly comes out in favour of greater opportunities for travel search sites as opposed to online agents. I agree with this but do not think this will catch Travelocity, Expedia, Orbitz etc unawares. Each has been shifting as much business as possible to cross sell, packaging, hotels etc to diversify revenues away from air commissions and air GDS segment rebates.
Have added Mike's blog to my blog roll on the bottom right.