For this exercise I decided to explore the Travel Award winner, Farecast.
This site allows you to easily compare, filter and sort flight results from hundreds of airline, hotel and agency websites to find the right trip. It also predicts if fares are rising or dropping. Based on the prediction, it provides a recommendation to buy now or buy later.
It all sounds good in theory but when I put it to the test, the results weren't that impressive. I tried to find the best price for two tickets to Melbourne next month. Unfortunately the site was unable to offer any predictions about prices in this area. The site is standardised American (dates back to front) and prices in U.S. dollars which means you have to convert currencies. And the list of flights it found for me consisted of pages of flights from "multiple airlines" all at the same price of $1926. At the end of the day I would have been better off by going to the Air New Zealand, Qantas or Pacific Blue websites.
However, the site might be a better prospect if you plan to travel in the U.S or Canada - it claims to offer price predictions for all the major routes here. Or maybe for travel in Europe where Farecast can trawl the plethora of discount airlines like EasyJet and Ryanair to find you a bargain.