Hi MayDay - This is a tough one. Travel is grueling, it's time you can't get back with your kids, the physical and psychological toll of jet lag and sleep deprivation is significant, and the transitions are hard. DH is always tired and crabby when he comes home, and he needs to decompress, even as we're all jumping on him because we want time with him. Also, his hours when at home are kind of crappy, with 6 am conference calls and 9 pm conference calls, because he's often talking to people around the globe and needs to accommodate time differences.
If someone finds that kind of work invigorating, and the pay is good enough, and the spouse doesn't mind single-parenting for stretches of time, it could be worth it. But if anyone is reluctant...probably not a good option.
That said, if he's concerned about getting laid off and doesn't think he could find something close to home relatively quickly, it might be worth taking for now. It could be a stepping stone to something else in a few years, and that kind of international experience is attractive to many employers (larger corporations, usually). I think the pay should be significantly higher, a minimum of 50% higher and double or triple what he's making now wouldn't be out of line. (But that depends on field, what he's making now, how competitive the market is, and if he has any leverage.)