A bit late, but wanted to share my experience. I did a month-long exchange between a major US city and a pretty touristy place in Italy. Overall, it worked out really well. The family I exchanged with was very nice and we ended up being friendly even after the exchange.
However, a few things to keep in mind:
-- Home exchange platforms are not as sophisticated as Airbnb etc. They are literally mom-and-pop shops run in a pretty relaxed way. Which means that if things go well, you'll most likely have a good time. But if something goes wrong, you should assume that you'll be on your own. If you are fine with that, feel free to give it a try.
-- Availability of homes on these exchange sites is pretty limited. You can just assume that you'll either have to get lucky, or you'd have to go somewhere not exactly where you're looking to go to, or there's going to be some sort of a balance of inconveniences. It's not exactly like a hotel but for free most of the time -- it requires work.
-- The amount of work that goes into arranging one is arguably more than the value you're getting out of it. You'll have to get on a few calls with the exchange partners, you'll have to clean your place twice and theirs at least once, you'll have to coordinate your travel plans, etc. It's not worth it for exchanges of under a month. And most likely, not worth it for even under 2-3 months.
-- You're stuck in one place for a long period of time. If that's what you want -- it's totally fine to take it slow. But important to keep in mind, depending on what kind of travel you're going for.
-- If you are in a major city or anywhere near a major attraction, you'll have an easier time finding exchanges. If you're anywhere else -- you'll probably not get much traction on these platforms other than some lucky coincidences
The thing is that, if you're from the US or Canada, most of the world is relatively cheap. So most of the time, the cost and convenience of just renting is not going to be that much more differently priced anyway if you take into the account the time, stress, and risks of arranging the exchange. For example, in my case I could have probably rented a place or two in Italy for ~$1,000 in that general area for a month and not had to worry about the implicit costs of exchanging. Some people might argue that it's not mustachian not to try to squeeze that $1k out of the situation, but I'd argue that meaningful time, stress, and risk management is fully justifiable here and worth considering.