I'm on month 7 of 12 of doing just this, really enjoying it. About $3500/mo expenses on average (includes my wife and I), mostly in south/southeast Asia (lower cost) but housesitting is making Europe doable on the same budget. Current house even has an LCD to plug into, so I'm back in the warm embrace of vsplits :)

Edit: clarify expenses, not income; so utilization is <100% of a 40HWW.