I've done it for 4 years now.. and love it.. for the most part.

We (my wife and I) do it in an RV around the US and I know that a backpack lifestyle would not be for us. We have enough of a "normal" lifestyle with our own bed, a full kitchen, 9-5 hours.. that it works extremely well for us.

There are plenty of downsides. I miss having a large workspace to do hands on (non computer based) projects. Friends are harder to have. Weather sometimes is a pain. Connectivity. (Camped out at Starbucks at the moment since the Airstream in the parking lot was too hot today).

My wife does a blog: http://watsonswander.com