Pros
Good people, great team, and lots of opportunity to change positions. Travelocity allows for flexible schedules and very good at giving time off. I worked there for 5 years in two different positions (with the same division) and really enjoyed the people and the job. I never had an issue with getting time off or being micromanaged. The company really seemed to care about employee satisfaction.
Cons
There is a bit of a hire and fire culture. I met at least three people who had been laid off in one department and rehired by another department. The game seems to be that to survive, you have to be able to see the ax before it falls and make a jump to a different department. A few people I knew were laid off and then hired back a few months later. Job security doesn't really exist anywhere in corporate America, but I've never seen it so starkly played out as at Travelocity. A new President from Expedia came in about 2-3 years ago and has reformatted the culture - however, there was a recent round of layoffs in late 2013 and early 2014.