I, along with my wife, made the switch a year or so ago. No regrets. Since the switch, I've come to rely on it for a lot more things than I did with the 12.9". The larger iPad felt like it desperately wanted to be a laptop replacement, but lacked a lot of the capabilities and software that I required for that to actually be a possibility, so the 11" made/makes more sense for how I use it, which is primarily consumption (email, books, browsing, etc.). Smaller and lighter, with the same power, the only (not really that noticeable, at least for how I use it) difference being the screen.
Ultimately though, only you can answer whether or not you would be happy with making the switch. The size difference is indeed very noticable, but for me, that ended up being a plus.