I was amongst the first people to take up living full time in a worm hole in eve. We got stranded, and while getting ourselves out we stumbled onto some corps in the middle of a war dec and stole a tower off a freighter pilot that exploded right in front of one of my corp mates, who stole in and docked up, waiting for the cool down timer (or so the tale goes, he showed up with a small serpentis tower so no reason to doubt him). It was like an act of god to set up a base and we spent almost every day over two years in wormholes hunting other players, raiding, laying traps, and generally just being the unseen death of hundreds of players.
There where days when between 5 of us we would get 20-30 kills in a few hours, especially if we got a Jita opening. One weekend we managed to two down two towers between about 7 of us (by controlling the collapse of wormholes so reinforcements couldn't be brought in by our targets, effectively stranding the targets) just using Battleships, took forever but was heaps of fun.
I would describe living in a worm hole more like hunting than anything else, spending heaps of time trying to create a bait scenario, then releasing the trap. Nothing funnier than having the a covert ops ship accidentally bump into few retreivers, decloak, and watching them scramble in panic before we can drop on them. As must people are aligned to warp, when that happens you only have the time it takes to warp a barge to get the drop down.
We eventually got our comeuppance though. Lost something like 20 billion worth of ships, probably about 8 capital ships atleast, as well as a tonne of T3 stuff, one of the players came online outside of our normal hours with a bunch of mates... and just stole everything. Left us unable to defend against the C6, 20 strong cap fleet came in, towers fell within a fortnight, ordered out by the new occupants, and we I went back into 'normal space' and hated the game.
Within a two month most of our core group quit. I went back to boost some indy guys I was helping from within teh hole, and sent my main character to join up with a null sec group. A few months later I lost totally interest, and quit.
I still miss the wormhole days TBH, the amount of laughter, emotions, hours sitting around trying to release a trap talking on vent. I feel like signing back up now, but I know it wont be the same.