Pros
Opportunity to work with and learn from smart, passionate people; a strong sense of team in certain department. The executive leadership team was fairly transparent about the challenges facing the company, holding frequent town halls and communicating via e-mail with updates on company performance. Employees at all levels enjoyed flexible work policies and excellent benefits package courtesy of its parent company, Sabre. There was a certain sense of pride working there because everyone knows the gnome, though given the business performance, the brand definitely punched above its weight.
Cons
I was inspired by working there early on, but with the constant bad news it became harder and harder to feel that way. Department leaders, with few exceptions, were constantly trying to figure out how to take cost out of the business and do more with less resources. Senior leadership at times seemed to avoid making some really tough decisions. There were seemingly nonstop goodbye happy hours, especially after the Expedia announcement, which really sucked the air out of the room. At one point I would have proudly recommended Travelocity to friends, but given their current market position and future prospects it's difficult to do so now.