Im starting to see the downside in becoming a vassal. My hands are tied most of the time. If theres no war, then I cant do anything but kill outlaws. If you do raid a caravan, then your honor gets really low and your fellow lords dont like you, and ladies wont take a liking to you. The only upside is that you will get rich by your fiefs.

I think once I finish my current game Ill begin a game where Im a merc and I can go around killing whoever I want.