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gjm comments on Rational Home Buying - Less Wrong
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Cheap to buy but presumably not so cheap to maintain.
Still, given Vaniver's figures elsewhere in this thread and a plausible guess at the cost of minimal RV maintenance, it looks as if living in your car still does come out cheaper than living in a house or apartment. Those drawbacks seem to me to outweigh that, though, for anyone whose earning power isn't too wretched.
That depends on your situation and preferences. If you are single, have a telecommuting job, and there is some wanderlust in you, living in a (travelling) RV can be an excellent idea. On the other hand, if you have a family with kids, a job that requires your physical presence, a tight social circle of your neighbours... maybe not so much.
I would add:
A social circle who thinks RV are cool and not a sign of low status.