Expertowflyer and phol I don't think you've properly taken into account:

1. most internal meeting travel has been cut, so remaining business travel is to meet customers or investors, so timing and arriving refreshed has more impact than cost efficiency alone http://centreforaviation.com/analysi...--again-262417 (I saved the article before it was taken down and share via PM)

2. business travellers are governed more by policy and budgets than strict cost efficiency
2a. some business travellers even travel more just to make sure they can maintain the same travel budget for next year
2b. a good travel policy only means the business traveller does not gain an advantage for his use of the travel budget, he can't do wrong by flying direct.