I guess that depends on everyone's personal case. But I for one like my commute: 10min by bicycle or 15min by foot, with a nice parc with lots of birds on the way. So in my case, the pros of working from home are almost void compared to the pros of a workplace.
You sound like you have an awesome commute; consider me incredibly jealous.
On the other hand, I think besides the commute itself is the freedom you get from not having to constrain yourself to living in places where the commute is doable. I work in downtown Seattle and I would love to move to the suburbs but I'm not sure it's really feasible to spend 45 minutes on the bus to get to work.
