This winter could be one for the record books in terms of amazing values. Travelers who are flexible will be the ones who save the most

It's been just over a year since the recession unleashed a flood of unprecedented travel deals. Companies that at first staunchly refused to discount have caved in and coughed up amazing bargains. Four Seasons, for instance, has been promoting third nights free and, at some tropical resorts, $1,000 or more off your bill if you stay four nights. Ritz-Carlton has been offering seven nights for the price of four, with perks such as free breakfast and free children's programs. The good news is that such steep deals are expected to last through the coming winter. "In some places prices will be the same as last winter; in others they'll be lower," says Scott Berman, principal and hotel analyst with PricewaterhouseCoopers, Here's where you'll find the greatest pockets of opportunity:

Resorts in Mexico
The deals aren't only in mass-market destinations with an oversupply of rooms, like Cancún and Los Cabos—where, according to Expedia research, airfare-plus-hotel packages for Christmas/New Year's are down more than 30 percent over last year. This fall we saw the Tides Riviera Maya, The Tides Zihuatanejo, and the Four Seasons Punta Mita (all Condé Nast Traveler reader favorites) offer half off or more. For value-added Mexico packages, try LuxuryLink.com.

Business-Class Airfares to Europe
Many corporate travelers who used to fly business class are now suffering in coach instead. Which is why, as this issue went to press, we were seeing business-class fares to Europe for as low as $1,116 with taxes and fees. For the latest business-class bargains, check out the Steals and Deals section of JoeSentMe.com (the annual membership fee of $49 more than pays for itself).

Airfare-Plus-Hotel Packages
These will yield savings if your destination is a tropical island or Europe. Expedia research shows that the cost of air-and-hotel packages to top European cities has plummeted this year compared with last, with fall prices down 32 percent to London and 26 percent to Rome.

Las Vegas and Chicago
Hotels in these convention cities are ready to make a deal because they saw a steep decline in conference business at the same time a flood of new hotel rooms hit the market. Use Quikbook for the best rates at smaller properties and Priceline when it doesn't matter where you stay.

Nearby Islands with Airline Competition
Thinking about the Caribbean? Consider destinations served by low-fare airlines (the Dominican Republic, Jamaica, Nassau, Puerto Rico, St. Maarten). Islands with government-sponsored package discount programs, such as those offered lately by the Bahamas, Barbados, and St. Croix tourist boards, are another good bet.

Last-Minute Cruises
At press time, Crystal Cruises was promoting two-for-one deals—together with $1,000 in shipboard credit—on its fall sailings. We even saw sales on Christmas/New Year's cruises that normally sell out a full year in advance. SeaDream Yacht Club, for instance, was offering 40 percent off its Christmas cruise in the Caribbean.