Have also stayed at both.
First thing's first. They've worked out the breakfast meat hiccup as of my stay last Dec and the renovations look great. Also nice to hear from Ronmon that the beach is wider now.

Treehouse is wonderful. Love the breakfast on the upstairs deck overlooking the sea. Also the fact that the sea is visible from the pool and hot tub is really nice. Beach area is nice and wide. I personally prefer the location better than Travellers but Trav is a much better value if you can score a groupon. Seems like Treehouse has been steadily increasing their prices on the "deal" sites, which is understandable as they've become much more popular due to all the great reviews.

I prefer the livelier bar and beach scene at Treehouse, so if cost is the same, I'd go TH every time but wouldn't hesitate to go back to Trav is the price is right.
Honestly, you can't go wrong with either for a mid-range property that includes breakfast.