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Would love to hear more, @OT. What did you learn?
I did some cheap travel for a while (hitch-hiking, anyone?). And it was great, good stories to tell, good experiences.
Eventually I learned that I really wanted a bit more stability (I remember at one point thinking "I would give a lot to be settled in a small apartment"). But for 3 - 6 months it was great.
I did some cycle touring around Asia in my 20's. Just how different everything was (especially in China). Just by living in that environment you subconsciously pick things up.
I learned how to budget my travel pretty well as I knew I wouldn't be working for a long time. I also found out how friendly people generally are, even in countries that might have a bad reputation in the west.
Traveling cheap for long period is such an amazing experience. You learn so much!