Had mine for a while.

Many online retailers treat you as a dealer, with dealer pricing.  I've saved far more than the license fee just in discounts from Grafs.

I did get inspected once.  I was contacted in advance, and had the inspector come out to the house.  I could have arranged to meet the inspector at the local ATF office, but I did not feel like making the drive.

I keep my bound book and all of my receipts in a binder.  When the inspector showed up, I let her in, led her to the dining room table where the binder was waiting for her.

She was friendly, and the inspection took no more than about 10 minutes.

I asked why I got selected for an inspection, where others have had their FFL03 for far longer and had ever been inspected.

She said it is a random selection.  Their system picks 'X' number of each FFL type for the area to get inspected.

I wouldn't let the fact that you could be inspected stop you from getting one.  They aren't going to barge in with no notice.