I just like small projects because I get bored quickly. Three months is about ideal. Projects for larger clients also have a tendency to go nowhere, that is they never make it into production. It is easier to get good rates from larger clients, though.
Couldn't agree more, part of the fun of Freelance work for me is getting to work on a range of projects with a range of differing technologies. Might just be my attention span but more than three - five months full time on a project which isn't my own and start getting itchy feet.