Thanks for the feedback, Darren. Indeed, it is sad to see how reach has dramatically decreased for many travel brands active on Facebook, making paid content a must-have tactic, while it used to be a nice-to-have approach for a more dynamic community management.
Smaller organizations may have to reconsider their time and money investment in Facebook, seeing such low reach. That's not necessarily a bad thing, as they can focus on their owned media (web site, newsletters, blog, etc.) and perhaps other tactics such as TripAdvisor, Google AdWords and other sites like Google+, Twitter, Instagram, Pinterest, etc.
As you say, Facebook could rival TripAdvisor (and many others) "if they play their cards right". Not sure that's the case right now, but we shall see...