We have friends that homeschool their kids. But they're also members of home school co-ops, so they have weekly meetings with other kids of similar ages, and they also do classes with other kids through the co-ops. The friends homeschool their kids either for religious reasons, or because they live in a rural area where getting to a town to go to school is a pretty big burden. But, for these kids, they don't really get the opportunity to join a co-op or regularly interact with the same other kids that if they're traveling all the time.
As for the "memories", my guess is the younger ones won't remember a ton of what they're experiencing.
I personally wouldn't want to sleep in a convertable dinette bed for more than about 2 days, so props to mom and dad there.
