Mike- It is a big step going out on your own. Lots of rewards...lots of headaches. I went solo about 4 years ago and enjoy it overall. It does tend to suck you in and take over your life to some extent, but it feels like real family practice(what I had in mind when I went in to the field). If you can make a cash only practice work, do it. The less you interact with the insurance companies and gov't, the easier your life will be. That being said, you can make it work the other way but be prepared to deal with prior authorizations, denials, etc.
James- If you ever want to spend some of your 6 months off at the opposite corner of the country and still work on an island, let me know! I could use a break. BTW, that picture on your website of the Virgin Islands.....that's just rubbing it in if you ask me. :-)