The BA FPP is the best in the industry. As for a 2\3 hour commute most airlines expect you to be able to report for duty within 1 1/2 hours. At ba its a 2 hour response time to the car park. The caa frown on anything more and it is your responsibility to ensure you are properly rested for your duty. Bidding in ba is based on seniority so at the bottom you have little or no choice to your work pattern. New cadet pilots would be euro fleet so you would be driving a lot and in honesty it would be prudent to move closer to your base or arrange hotels around your duty.
So what is life as a pilot like? Generally I think its pretty good. I work hard and there are usually two 3 o'clocks in my day. I feel valued as a employee and have the pleasure of working with some great people. Its a rewarding job if you take pride in your work and always stride to improve your operation. Some may disagree but the pay is reasonable and in some airlines you get some nice perks. Roster patterns are changeable as are the routes you fly but its not unusual to do 5 or 6 days on then have 2-3 off. There is a common belief that pilots don't work that much but I can assure you thats not true. Bad points? Well there is the usual problem with fatigue and going from early duties to late duties. Being away at times can be a problem and affect relationships, roster instability affects some (ba is not known for this problem) sometimes to be honest a flight can seem to drag and you need to dig deep to ensure you continue to do your job in a vigilant and professional manner during periods of low work load. For me the worst bit is feeling like a old shoe in the morning after doing a all night flight and the commute to the airport.
Is it worth it? For me yes but don't under estimate how much work, luck and good fortune is required. Getting your first job is the hardest part and just getting good results from flight school is not enough. The one thing I would say is do not bet the house (yours or anyone else's) on getting a job as a airline pilot. You must have a way to repay your training debt if you cant get a flying job. First officers earn from a range of about £21k to 45-50k year one depending on the airline and aircraft type.
Its a long road but the BA FPP or similar ones which open up periodically with airlines such as flybe, Thomas Cook etc is the best chance of a successful outcome.