We've been on our 6 acre homestead for almost 8 years now and did 4 years of "urban homesteading" before that.
Here are a few things we have learned/observed along the way:
Pros
Our property is like a park. I frequently take nice walks around it after work. The kids can run wild, I couldn't imagine raising them in an urban environment.
We see much more wildlife.
The absence of light pollution makes for beautiful night skies.
The food (about 20% of our total) we grow is mostly organic.
I feel much more "connected" to the reality of food and energy.
The labor can provide all the exercise one needs.
We have learned many valuable skills.
I can enjoy my hobby on my property (shooting).
Animals and annuals can produce "product" very quickly.
Endless opportunities for my children to learn responsibility, accountability, and the fruits (literally) of their labor.
Cons
After 12 years, it can feel like a second job at times. It is a lot of hard manual work, sometimes monotonous and tedious. Once you have accomplished something, (e.g. raising, butchering, and processing a steer), the shine does wear off a bit on the next one.
Affordable land tends to be further from jobs/churches/schools/friends. We drive a lot.
The "cast offs" are much better in the city. Craigslist and yard sales are thinner.
Rural environments can come with certain issues: trespassing, loose dogs, excessive noise, proximity to unsavory or uneducated types, etc.
Disappointment is routine: animals get sick, it doesn't rain, it doesn't stop raining, predators kill, pests chew, storms destroy, tools/equipment break, weeds grow.
Vets are expensive.
If you aren't careful, you can spend a ton of money for little return.
The pure cash opportunity cost of land is pretty high.
Feed and livestock are commodities that experience massive price volatility.
Some work is hazardous.
Some perennials can take a long time to start producing.
Animals need to be cared for while on vacation.
I'm sure there are a few more in each category, but those are the ones I can think of at the moment. For me, the pros greatly outweigh the cons. If I had it to do all over again, I wouldn't change much. I've always tried to run the homestead somewhat like a business. I haven't demanded profits from every activity, but I am certainly not going to stand there and take it on the chin from a failing enterprise. If my absolute goal was to minimize expenses as much as possible, I don't think a rural homestead is the place to do it, but rather a suburban one. On a suburban homestead, you can still raise plenty of produce, glean firewood, keep a few chickens in many places, and at the same time keep your transportation expenses down and quite literally "live off the fat of the land" (other people's unwanted items) all while having better access to jobs, schools, libraries, etc.
Right now I plan on staying on the homestead until the end, but I could see a time when we might want to move on to something else, .
Here are a few of my "frugal homesteading" tips/concepts:
Keep equipment to a minimum. We use a push mower, a chainsaw, 1970's garden tractor, a 4x8 utility trailer, and the family minivan for the things we can not do by hand.
Keep mowing to a minimum. I currently mow around and acre and less every year.
Scavenge materials and supplies. Paying sticker for everything will bankrupt you.
Design your homestead to minimize labor, especially daily chores. The less time you have to spend on each venture, the more ventures you can pursue, increasing your likelihood for success.
Don't take on too many ventures.
Look around to see what does well in your area. Talk to those already doing it. Listen, they know a lot, but also be willing to do things differently.
Cutting firewood, gardening, and butchering (not the actual raising) are probably my highest value activities.
Grow your own feed (grass).
Learn to repair/maintain your own equipment.
Don't go crazy with animal shelter(s). Depending on your climate, they may need almost nothing.
Haven't proved this one out yet, but I am trying to gradually replace annuals with perennials to reduce future labor (not exactly, but along the lines of permaculture) . We will see.