We are bootstrapping and I find it really helps. You get a higher thought-to-work ratio, which means you can more often work out whether an idea is good or bad before pouring away development time into it.

The downside is the frustration of not being able to work on your true passion all the time. But I would say this is a common problem for salaried employees.

However, once we start cranking out code, I think going full time will make us much more productive than continuing to bootstrap.