I could probably manage it, but would I want to? No way. I enjoy having a large home, decorating it, having space for the kids to spread out (although the kids keep nagging me to share a bedroom lol), etc. I often host big gatherings as well and they have a habit of making my large house feel small as it is.
But we survived renovations last year when we were living out of one of our loungerooms (the rest of the house was mostly demolished on the inside, right back to the frames) and while it was fun to begin with, I almost cried happy tears when I got the rest of my house back.
I love the camper idea for travel though - my husband and I want to get one eventually.