Contains spoilers.
Penric's Travels is a compilation of three novellas (though the third may actually be a full-blown novel; at just under 170 pages, it's longer than a few works that have won Hugos or Nebulas as best novel) about Penric, the sorcerer and Desdemona, the demon that lives within him. (If you want an explanation of how that works, see the previous volume, Penric's Progress.)
The three works in this volume are closely linked, and together can be viewed as a single work. In "Penric's Mission," Penric is sent on a secret mission to deliver a letter to a foreign general, Adelis. But he's captured, and the general is arrested and brutally blinded. Penric escapes, then goes to help the blinded general, first to heal him, then to help him and his sister, Nikys, escape the country.
"Mira's Last Dance" tells of how they escape, and "The Prisoner of Limnos" tells how Penric and Nikys return to the country from which they had escaped to rescue Nikys's now-imprisoned mother.
These are very entertaining stories. Bujold is skilled at developing believable and likable characters. Penric and Desdemona play off of and balance one another very well, at times bickering internally with one another: Penric young, at times a bit naive, but very smart and observant; Desdemona with all the experience of the the women she had ridden before coming to Penric, worldly, blunt, and at times shocking. And Nickys is a wonderfully brave, smart, and witty character. She and Penric make a wonderful pair, even as they dance around one another.
Overall, great fun. I'm looking forward to the next compilation of Penric stories.