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if they are cool friends you've known, then it shouldn't be an issue. however, living with someone you thought is a friend is way totally different than just hanging out w/ them on a friday night. you see them in full force.
i've had two bad experiences with living with people i thought were cool....one turned out to be more introverted than i originaly thought; so much so that he only stayed in his room and never was social....like at all. i mean, AT ALL. the other guy kind of turned out to be a douche and left halfway through the school year (which ended up being great because my friend Dawn and i had the whole duplex to ourselves then).
but if its saving you THAT much money, it might be worth it. do you have to sign a lease? like a full year commitment? or is it a monthly thing where if things don't work out, you can just up and leave?
edit,
i'm 25 and been living on my own since i was 23. i had a shitty roommate here, but that was my own mistake of not booting his ass out to the curb earlier.
live and learn, i guess 
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