While there's little doubt that priceline.com (BKNG -1.37%) paid a premium when it bid $1.8 billion for recently public Kayak Software (NASDAQ: KYAK), there's value in the search data Kayak possesses. Think about it. By querying every type of database imaginable in the quest for deals, Kayak's engine has built a storehouse of travel intelligence not unlike what Google (GOOGL 1.10%) has created in its indexing of the Web, and that's bad news for incumbents Orbitz Worldwide (NYSE: OWW) and Expedia (EXPE -1.89%). Find out more in the video below.