I fly with a Sport Pilot ticket and am happy with it. You can go into any airspace (providing you have the endorsements) with it except class A. The only things you cannot do with it:

-Fly at night
-Fly above cloud layers where you have no reference to the ground.
-Fly in IFR conditions (VFR or MVFR is ok)
-Fly above 10,000'
-Can only fly "Light Sport" aircraft
-Fly in less than 3 mile visibility
-Canada does not recognize it, so no flying in Canada