I lived at home in the first year, I did the commute everyday, however, I only travelled from within the same city. It took me about 40 minutes to get there (walking to the bus stop, bus ride and then walking to uni) in total. I then got my own car (part the reason for staying home was to save for a car) and took me about 10/15 minutes to commute in depending on traffic (a 9am lecture would rocket that time to about half an hour).
Did I regret it? No. But that's because I'm not one for going out all the time anyway, and even when I did, I was only a short taxi ride from home anyway. I also have 2 friends in the friendship group that commute (both from different cities), one takes an hour and a half and one takes about 45 minutes.
Miss lectures? Nope! Only ever missed the ones I intended to miss anyway. Yes it was a pain to get up earlier than most others and commute in but you soon get used to it. I found it more of a pain to get back home if I'm honest because I was going from the city centre so buses were busy. Obviously that problem soon went once having my own car.
Difficult with social life? Nope because most of us would do things before/after uni anyway and otherwise I could easily commute into uni again later on if need be.
Assignments and projects, again, most the time we would arrange to do it before or after lectures because it just makes it easier so that no one is going into uni, to go home again, and then back to uni, or simply coming in for a quick meeting. But even so, your group should be able to coordinate with you so that it works for everyone as people always have other commitments like other coursework/job and things like that.
I know there is the stereotype of 'living at home = no friends/terrible uni lifestyle etc' but it isn't true if you don't let it be. I spoke to one of my friends (another commuter) on Facebook beforehand. We had both joined a group for commuters and found we were doing the same subject so got talking. You have to make a little more effort yes, but remember that the people in halls aren't with their subject group. Everyone is in the same boat for lectures, having to use social media to get to know people beforehand or going in blind beforehand but it's easy to get talking to people at the start, just casually get talking to someone!
The only reason I don't live at home completely now (I technically do) is because I spend a lot of time at my boyfriends house.