Contract work - the pros and cons

As you may have read in the past, I love doing contract work, especially on a remote basis. However, it takes a certain amount of discipline and dedication in order to make it happen. When I left semiconductor I knew I wanted to do contract work but at what cost. I knew if I went back to a perm position I would get benefits such as insurance, vacation etc. However, I would be subjected to Corp America and that was something I wanted to avoid. So I figured it would be worth a shot to give contract a try. I found it not only financially rewarding, but also it had a lot of freedom. I wasn't involved in the day to day politics of the company, I was essentially my own body just helping them out when they needed it.

So what, in your opinion would be the pros and cons to doing contract work?

Sound off and thou shalt be heard!!!!