We began full timing in August 2006 and went 4 years. We bought a house in WI a year ago to make it easier to care for my Mom but we still head south for the winter.
Pros. If you don't like the neighbors, you can leave.
If the weather isn't what you like, you can go somewhere else.
It's a fairly reasonable lifestyle as long as you don't play tourist all the time and don't eat out that often.
You can see as much or as little of our country as you like.
It beats working
If you want to work a little bit, you can work camp for your site and electricity. This is usually arranged in advance.
You can meet a lot of wonderful people and make new friends. Enjoy your favorite pastime.
Cons. Your house is smaller but you get used to it.
Unless you have satellite TV you never know what to expect for a signal.
You don't get to see your family as often as you may like. (for some this is a Pro
)
You might not be home for Holidays
Your yard isn't very big but you don't have to mow it.
You might have terrible neighbors, see Pro#1
There are probably many more of both but in all, it's a great lifestyle. If it weren't for my Mom, we would still be full time but I must admit, I enjoy having a garage and tools to tinker on stuff.