I stayed at home despite getting into top UK universities. For me it was a combination of poor physical and mental health, low self esteem and at the time the family was close to bankruptcy due to the breadwinner losing a brilliant job in late 50s as I was taking A-Levels.
Pluses were that by staying home I got a fantastic job which paid as if it was fulltime meaning I had no student debt and was able to save for an MA.
Minuses. I didn't go to one university party. By living out of halls no one knew I existed. I was very out of the loop. Didn't have a boyfriend the entire time I was at uni. Just no student experience at all. I'd just go into lectures and leave. At the time the societies I was into were small or non existent. Obviously I really regretted it. It was much harder to become independent and I really struggler moving away from home at 22 which sounds ridiculous. It certainly had a negative effect on my confidence and I've stayed close to home ever since which has damaged my career and other prospects.
I also commuted for my MA but so did others and I had a fantastic social life with my course mates, did the whole partying, drunken nights, fell in love with a course mate and really had the full student experience. I had friend's who would let me crash on their sofas etc.
It really depends on the institution, some commuter unis and courses are socially dead. Others are fantastic for residents and commuters alike.
If I'm ever blessed with children I'd hope they'd go to the best uni for them and hope that it was away from home for their own independence and experience.