The Color of Title requirement is really odd, though it's cool (and surprising) that ignorance to the legitimacy of a legal document is actually defended by the law, especially for something like eventual ownership of property. On the downside, though, the Continuous Use property really blows, especially since it resets if you break your consecutive stream of time squatting the property you want. It'd still function as a ball-and-chain in that sense, which I think would undermine the point of someone wanting to start a squat in the first place (not the whole point, though, if nothing but a fuck load of your time gets invested into it, but I can't imagine seeing someone spending 10+ years in a row in a place and not investing some decent amount of money into it.) Perpetual debt wouldn't be an issue though until property taxes come into play, so hey there's that.
I dunno. The way I see it you'd want to try to do that either if a.) you are absolutely committed to settling down or b.) you have a twin that you could swap places and identities with so you could fool the city/state into thinking that you actually have been staying put for the required amount of time while still getting your train hopping fun time on behind their backs. Sneaky sneaky!