I will take a stab at some of your questions directly. My opinion, only, of course. May not work for you.
Unfortunately I'm not a gut-feeling type of person. I'm more the type that agonizes over decision, and bigger decisions (this is one of the biggest of all), are hard. The answers here are a mix of useful and not so useful, which I fully expected (and is ok).
For me the "decision" to have a child was no decision at all. I knew I wanted a child just like I know that this is my right hand, and this is my left hand. Like how I know that I am female, not male. It is not actually a choice for me. But, just like those examples, it is not a super passionate "drive" to have a child or anything, just an utter acceptance that is what I would try to make happen as a #1 life priority.
-- Having kids is the priority for me but I don't make kids my #1 priority day in and day out. I just was not able to. Often work came first (as sole family income for many years), or my health, or need to learn new things. But kids modified all the choices, one way or another, and they squeeze out many options. I did not have time for relationship + work + parenting + personal tie + friends + spiritual time + keeping the house clean. None of us do, and we let some of these things drop.
There are a lot of people here seemingly arguing that your entire purpose in life becomes your child; they give the impression that you get the extreme end of this, where you live vicariously through your child, and don't really have anything going on personally beyond the child, and that is either wrong or impossible to have anything fun in your life (aside from the child). I am doubtful of this, but certainly acknowledge that your life changes dramatically.
Most parents actually DON'T live vicariously through their child. Most parents that start off doing so wise up around age 9 if not sooner. Kids are not "mini me's". It is quite aggravating when they spectacularly fail to have an interest in what you think they should excel at.
My life purpose is not my child, My child is a fact of my life. I have had to make many choices for the benefit of the child/ family. Things like not strangling the 2 year old who won't go to bed. Buying a house with a yard away from my work, working a job I needed to quit but could not because of the bills. Not moving away from the high school district that my kids were going to, because of their friendships. Paying for extra seats when we go on vacation, so we don't go on as fancy or as many vacations. Buying them clothes when money was tight instead of myself.
Because I have a child, I actually did not WANT to spend my only free time (saturdays) on the golf course away from family-- I wanted to take a family road trip instead. I actually want to spend some time each week with my kids, just like I want to spend time with my spouse. It is like having a new awesome life / hobby interest that is more fulfilling and equally thrilling.
I also don't think people really mean this in most cases, but the information I'm more looking for his how to balance things in life with a child. For example, some people are saying "all your plans to travel and backpack are gone", while meanwhile other people are giving examples of making it happen. Therefore I'm look for more practical, semi-quantitative/applicable information.
I am FIRED, and I backpack now, I hated it in my 20's,... and I travelled to europe (with DD) last summer.
Some things sucked. Like skiing with 2 - 6 year olds. One person is left with the kids on bunny slope / child care so the other can ski. But now, with my spouse in poor back health, I have built in ski buddies anytime I want to go.
It is pretty easy to plan things to do with your kids in your free time. But they won't always be the same things as you did when you were single. Some things are more amazing (building a snow fort). We go swim at the beach and play water tag instead of DH and I scuba diving at that same beach. It is because we want to be with them, and also because scuba is so much more pricey, especially if we have to pay a sitter.
I think there are probably different ways to raise a child, multiple of which can be good. There have been and continue to be plenty of people that live exciting lives doing adventurous things for a long time. The question more for me to answer is how much freedom I am willing to give up.
Freedom is certainly given up (or shared) when they are small. No doubt. Can't pee with the door closed, need to keep a special blanket on your person at all times when away from the house, etc. If personal time is important to you, you can plan to hire a nanny for part of the time. Remember that may parents work / away from home for work for 80 hours per week, or travel for work (I certainly did), which is always required away from kids... it is normal for parents to not be there all the time. If you don't work long hours, you don't have to come straight home from work each day if you choose to create personal space (go to gym, meet friend for a drink). Just equal opportunities for spouses... We balanced my long work week with family time on the weekends, for example. But again -- it was because I WANTED to be with my family...
...I wasn't losing freedom to do what I wanted, I simply found 100 more new things that I wanted to do.