Reward programs only add to the clout wielded by major carriers, observers say. "Frequent-flier programs are like heroin," notes Henry Harteveldt, an analyst at Forrester Research. "Smaller airlines would probably see greater business, but people [are addicted] to the benefits of major frequent-flier programs."

Industry watchers remain divided on whether Orbitz, the online travel reservation site launched by the major airlines, will drive ticket prices down. In its beta incarnation, Orbitz didn't seem geared toward business travelers searching for bargains on last-minute flights. eCFO searched the site to come up with close-in booking for a trip from New York to LA. Orbitz did turn up a $465 ticket — but it's doubtful many business travelers will be jumping on that fare. According to the itinerary, the return trip from LA to New York takes 13 hours. Dogsleds go faster.

Of course, some business travelers say they wouldn't mind paying such steep prices for last-minute tickets — if they just got a little better service. "What an airline delivers today to an economy class traveler who is paying a business fare is nothing short of embarrassing," insists Harteveldt. "The in-flight experience is miserable, and you've got indifferent flight attendants, food served in Styrofoam boxes, and cramped seating." Ah, the friendly skies. —E.S.

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