Where I live now, my bike ride to work is twice as fast as my bus commute, and in SF, it was about 30% faster. That said, my wife and I are both all season bike commuters, and because we make almost all of our trips (grocery shopping, taking our son to school, etc.) by bike, bikeability is a huge factor for us when we make housing decisions.

Nearly all the public transportation/cycling naysaying I read seems to be from people who didn't consider (or at least didn't prioritize) non-private automobile transportation into their housing decision, and typically, it's at great cost to them[1].

1. http://cityobservatory.org/transportation_housing_affordabil...