It's a tiny place, but we have a great location with much of the landmarks in this very walkable city only a few blocks away. (Thanks as always to that talented Eric!) I've enjoyed living in such a tiny space- cleaning up is a cinch and everything is easy to find. I also like the Goldilocks sensation of just right- not too much, not too little.
However, I think this is a trade off I'd only be willing to make if I had a city at my disposal for those times when I start to feel a bit stir crazy. No doubt this is how Viennese cafe culture got it's start- they really do feel like communal living rooms but with a pastry case and those wooden library holders on the newspapers. I'd also do it in exchange for life at sea or on the open road. But in rural Hawaii? I think I need just a tad more space- if only for parties! We'll see how things shake out when we return to our island.
Have you ever lived in a tiny studio? What were the pluses in your mind? The minuses?