Projects come and go, and this cycle is way important for a freelancer.
Recently I've been in a full circle for the past few months with no option to turn off for a week or so. I've been occupied even during my summer holiday (although I hadn't worked a lot there), however all of my time here is busy with existing projects, trainings, events etc.
I'm trying to close 3 CakePHP based projects at the moment and bugfix on a Croogo one. At the same time I'm doing my final lectures of my Java for QA's training for VMware. I've rejected few web projects because I cannot handle that much work and I sincerely hope that we could start something bigger. There is too much communication and coordination when you manage 4+ projects and I prefer working on 2 projects at all. That would reduce the time that we spend on meetings, skypes, mails etc with many clients at a time and help me focus on the real core of the project.
I am also negotiating on 2 Java projects, one of them is Groovy based. I am keen on Java and on scripting RAD as well and Grails does them both, so I'd be happy to code that for a couple of months, I suppose. At the same time I'm trying to teach trainings and manage more in order to have some sort of relaxation for a month or two, before I get back to the real hardcore freelance for a living.