Of course it's much more fun to travel without having to work. But the opportunities are more limited. After my first stint in Korea, I took a trip to Taipei and Bali. The airfare to Taiwan ended up being free because it was cheaper for my company if I flied Seoul -> Taipei -> Chicago than Seoul -> Chicago. Then, the trip to Bali was $600 with airfare and hotel and what not. My guess, if I had done this from the states, it would be at least $2000.
Also, being based in a foreign land allows me to take small trips that I would never consider. I doubt I ever would have gone to Taiwan on my own, and I
Definately would not have gone to some of the smaller cities like Kenting or Hualien.
As you said, the downside is not having a home and being far from friends and family. It's annoying, but I make new friends at each location, and I still keep in touch with old ones (and of course I visit when I swing through the home office).
Not having a home, well, I only graduated college 3 years ago, and in that time I never really
had a home... just places I'd live in for a year or two. So that's no loss for me.
That having been said, I should get my ass back to work...
Evanescence -- Fallen -- My Last Breath
/* random quote */
"Forever shall the wolf in me
Desire the sheep in you"
-Nightwish "Beauty & the Beast"