I've used this deal a few times (goes up and down in price, from $167+ to $238+) and it worked out quite well. There's no real catch, except for (a) limited availability, (b) last-minute travel only (10 days out), (c) you might have to hold for 20 minutes before getting an agent, and (c) you have to start from LAX/SFO (you can add flights, but it will part of a separate PNR and not cheap, or so they told me). Pleasant Holidays is a subsidiary of AAA, by the way.
Here are some tips to get the most out of the deal:
1) Call ASAP right after the deal is announced (usually on Mondays at 10 AM on facebook, except on holidays) because availability disappears quickly.
2) They can put the reservation on hold for you for a few hours.
3) The first time I used them they put the 2 pax on different UA PNRs, which screwed up the UDU for a 1k + general member. The subsequent times I explicitly requested a single UA PNR and they were able to do it. They also screwed up the UA MP #s, so I had to call UA to straighten that out and get us on the UDU list (we were both upgraded 4 out of 4 flights).
4) Rental cars are booked through Hertz (no, you won't earn points/miles). The thing about the rental car deal is that extra days beyond the first 3 are reasonable but not super cheap like the overall deal (it depends, I'm sure, but I recall that it was about $30/day?).
5) To get these excellent prices, you can't get the air only. You need to add 3 nights hotel or car. But if your trip is, say, 7 days you only need to add 3 hotel nights (can book the other nights by yourself). They said that if you don't actually stay at the hotel, it's no problem. This also means, I think, that you couldn't do a turnaround (though I didn't ask...it's conceivable that you could stay only 1 night if you offered to book 3 hotel nights).
6) Since this is the mileage run forum, I'll add that I was never able to get them to do any weird routings. It was all nonstop flights. It's still a good deal, though. If you value the hotel/car, then you're paying maybe $200-250 for almost 5000 miles (about 4-5 cpm).