Your points about being able to change your plans, see what you fancy are absolutely spot on. I've never done serious backpacking as I don't fancy the idea of being limited to going where everybody else goes at the times that somebody else says I have to. The freedom of having my own transport has always been paramount.
The initial investment of going by bike is going to be higher than backpacking - but much more fun/interesting in the long run.
The other option might be bicycles?! You have the freedom of your own transport, easier/cheaper to ship between places and you can always throw them on a train/bus to go further than you want to cycle.
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