The CEO of Kayak.com calls Expedia’s best price guarantee for airfare “laughable.”

Of course he’d say that, he’s a competitor, but the fine print is a doozy — it doesn’t count Expedia’s booking fee (so an airline’s site offering the same fare will be cheaper) and it doesn’t count airlines that Expedia doesn’t sell (so it doesn’t matter that Southwest and JetBlue offer it for less).

And since Expedia only selectively honored the $3 room nights at the Tokyo and Osaka Hilton properties, we know that some rates are too good on Expedia…