Commute time is the most expensive time in the world. If I recall correctly the cost-balance most often agreed to in psychological experiments is something like every additional half hour needs to be compensated by $15k a year.
Two years ago I moved from walking-distance-to-my-office to 40-min-commute-distance without changing jobs, pay, etc, so I have an approximation of a controlled experiment. I thought I would hate it, because, well, why shouldn't I? I found myself not disliking it too much, because it gave me a chance to listen to the radio more, which I appreciate (though I would still walk given the choice). Then again, I moved because I was getting married and the wife didn't want to move back to the ghetto, so my effective income did actually increase (given that I was now only responsible for 50% of bills), so maybe I'm full of shit.