I did for my first two years to save money, moving out in September for the last four years of the course. I found it ok, the commute was a bit of a pain when I had lectures but I didn't really miss out on much socialising. I always had friends (and over the past year a girlfriend) willing to let me crash after nights out so it was fine, but you do need to make a bit more of an effort to stay involved. Biggest problem is living an hour and a half away makes it hard when people decide to do things on short notice.