I have taken time off at several points in my life. Here is what it was like for me:

As an undergrad, I was very depressed, not completing coursework on time, and having a lot of panic attacks. I decided to take a year off to travel. My therapist was skeptical and my parents were furious, thinking that I was dropping out of college -- but it really did the trick for me.

I spent four months traveling (3 outside the US, 1 inside the US). I was still depressed but lying around all day wasn't an option 3000 miles from home. There was no earth shattering epiphany, but when I came back, I had a whole new attitude and lease on life. Getting back in the saddle was no problem at all. I no longer 'sweated the small stuff.' No more slacking on assignments and perfecting every last word of essays.

Three years ago after 10 years of steady employment and a disastrous job experience, I took another year off. I spent two months traveling outside the US. When I got back, I spent 10 months more or less doing nothing. I had thought I would start a business, but I felt like I was waiting for an idea to come to me and not actively looking for one. The time off was fun - I did a lot of camping and hiking - but it was not productive. I'm actually on my third break right now.

Overall, I am happy that I have taken time off. The first time I did it, it felt like it cured my depression. The second and third time did not have such a dramatic effect. I do think having a structured activity or a plan to get out of the house and a plan for what you will do the moment you get back is important.