The Travel time feature is okay but it can be much better. A few people added some of the things that will make it better but there is a lot more needed.
1) Ability to set a default location for every hour of every day (separately). This way, I am in the office most Wednesdays and Thursdays I can set it to my offices location but the other days I can set to my home location
2) Add a travel time to the office for the days I will be in the office based on my schedule without an appointment. This will block that time out for appointments.
3) Ability to change the location of a certain time period, so if I work in the Manhattan office one day I can use that location for that day
4) Add a list of Frequent locations to make this changing easier
5) Travel time in the future should be based on your location for that time (including if you had an appointment, and its location) to give you an idea of travel time but appointments coming up today should be based on your current location
This would put the travel time on steroids.
Addition: Option to adjust the colour of the event.