Go for it. I've done the backpacking thing in Asia but not Europe or Africa. Here's a few general tips I can give you about backpacking.
-Do as much research as you can about where you want to go beforehand.
-Decide if your gonna be a backpacker, flashpacker or tourist and budget for it.
-Don't try to see everything in one short trip.
-'Lonely Planet' books are useful for giving you a general idea of the country but that's about it. The hotel and restaurant sections are usually out of date or just off the mark.
-Moneybelts and locks are your best friend while traveling.
-The computers in the internet cafes are generally all ridden with spyware and viruses. If you have a USB stick, install a program like
PortableApps.com - Portable software for USB drives and run that off the computers.
-Try not to dress like a bum. If you walk around looking like a hippie or cheap ass backpacker people will treat you as such.
-Don't get into fights with the locals.
-Remember one thing if you do get in trouble. Your embassy doesn't give a shit about you and won't do much to help you.
