I've done it all over from Europe to SE Asia to India. All of your questions completely depend on your personality.
If you're a very sociable guy and you go out a lot, and you'd be comfortable going to a bar by yourself, then:
- Did you meet a lot of people? Where/how? YES
- Where did you stay? Hostels in developed world, Hotels in underdeveloped world
- How much did you spend? $45/day in Europe, $25/day in India/SE Asia. Drinking a lot.
- Did you sleep with a lot of girls? I did better than I do back home.
- How long did you go for? 3 months, 7 months, 3 month
- Overall, was it as awesome as I'd imagine it would be? Would you do it again? Yes. Since my first trip this is my life: 3 months overseas / 7 months home / 7 months overseas / 5 months home / 3 months overseas / 4 months home / and now I'm off again indefinitely, probably over a year
If you're not sociable and do not feel comfortable going out to bars alone and have never walked up to a woman an initiated conversation had had sex with her that night, then:
- Did you meet a lot of people? Where/how? You won't
- Did you sleep with a lot of girls? You won't
- Overall, was it as awesome as I'd imagine it would be? Would you do it again? It wouldn't be
edit: With that said, I'm more guy #2 but I've always traveled with very sociable people. My biggest problem is initiating conversations and so I have a surrogate who does that and I make a ton of friends.