We have a Captain in our company who lives 1hour flying north of SYD. He works out of AMS. I think this is not very wise of him. Both for himself, but also for the rest of us, who have to be called out of standby whenever he misses a flight somewhere in his gigantic commute.
Then there`s the factor fatigue. You`re hardly fit for flight after a 24 hr commute. I think anywhere more than say 5 hours away from base is too far.