my gut reaction to term limits is that it takes responsibility from the voter. of course, i think the majority of the voters are irresponsible anyway. they don't take the time to know issues before they vote.
i have long thought that time limits would work better. there is no good reason for congress to sit in washington the majority of the year. when they are there, they seem to feel obliged to do stuff. doing stuff means making laws and spending money. there are very few things that they are constitutionally responsible to do. they could easily execute those duties in 3 months.
pay them the same amount of money, let them keep their health care, etc. take away their ability to travel, eat, and meet at taxpayer expense. make them spend the majority of their time at home with the people they were elected to represent.