There have been a bunch of studies trying to measure the relationship between commuting time and (subjective) quality of life. Most of them find exactly what you'd suspect: longer commutes reduce quality of life.
The weird thing is that they found a small uptick at the absolute extreme edges of commuting, like in the 5+ hour a day range. It's still shittier than a 30 minute commute, but it was better than a 4 hour commute. Nobody really seems to know why this is, but it's there.
Either way, I walk to work. There are few better ways to commute, IMHO.
The bicycle is one of those ways. It's faster and significantly more efficient.
Personally, my commute would be too short with a bike. I like a good 20-30 minutes between home and work to clear my head and get in/out of the zone. But that's just me.
Personal limits of multitasking, I guess :-)