Used Expedia for years, not so much recently as they are expensive on hotels now, and we use Virgin a lot who have a lowest price guarantee if you book direct with them.
There defintely is no catch, its a 3 day sale and they must have negotiated special prices with BA. Book quickly or you will miss them.
They are one of, if not the biggest travel co's in the world, here is some of what they own Expedia.com, Hotels.com, Hotwire.com, TripAdvisor, Expedia Corporate Travel, Classic Vacations®, and a range of other US-based and international businesses
They used to be partly owned by Microsoft but not sure anymore, cant find anything about it on their site.
Ok now the bad side of them, I have booked rooms with them and the hotel never got the info we had a child. Not so bad in US as you usually get 2 queens but in UK and Netherlands it tends to be a double only, I can remember 3 occassions thru Expedia we had to check in then arrange for additional bed for DS, 1 in Amsterdam took until 1am for them to bring it to our room.
Flights 2 problems, 1st when my Mum passed away they would not refund her fare even though we were still going, US airways got them to refund me no problem, expedia were not interested or helpful. 2nd when we had a 2 hour connection in New York they rang me to tell me they had changed it to a 45 min connection (no chance in NY) I knew of another flight that was suitable but they were insistant 45 mins was enough, I had to argue to get them to put us on the one we wanted.