I think that the Pros and Cons are well described in the preceeding posts. i am sure that with your experience and love of being a consultant you will be able to find freelance work. (I know that YO can elaborate on this point specifically). I think that it is great to diversify your experience…I am sure you will learn a lot from the experience and you can always go back.
The one question that would be most relevant if it were my choice to make is: how enticing is the new location to you and your wife? If the move is going to increase your enjoyment of life and help you learn more about product development/design it will probably also make you a more valuable designer in general.