Freelancing advice?

I was curious if anyone here does PPC on a freelance basis. I mentioned in another thread that I'm fairly new at this.

In addition to other duties in Account and Media departments, I've been managing PPC campaigns (4 different clients) for about a year now and I pretty much have learned most things on my own thus far without a mentor or assistance from others--I have barely scratched the surface and I know I have a lot more to learn.

Through networking in general, I may have the opportunity to freelance within the next 6 months. The potential client is a friend of mine and he knows that I'm still green at this. In the meantime, I really want to get a good grasp as far as the kinds of reports to submit to all clients including freelance. At my current dayjob, the reporting rules change by the AE and by the client. No one wants to report low numbers to their clients. They just want me to pick out the areas in which we are growing by the month. My other duties don't leave me with much time to customize reports for everyone, and I feel that each client should be presented consistently with mostly the same information--good or bad.

As far as a best method of practice, what are some of the things you report and how often? Clicks, Impressions, CTR, Spending, Avg. Position, ad copy performance?

Pros and cons to freelancing? Sorry for being longwinded!