Our dd went to an outstanding primary it frankly wasn't and we moved her. The old school was a five mins. drive - we could walk in 20 mins or so.
New school is 3/4 hrs drive, we now leave home at 7.30am not 8.40am. Yes it is hard work, I did the round trip (one and half hours), twice a day for a whole year, we now share with another family who live 5 mins away and it is much easier, but it was my turn today and it took two hours from the time I left home to arriving back at work (near home).
However, she does still have friends in the village she made in her two years at the local school (yr 3 now), but although she sees them at Brownies and ocassionally around the village, we only make playdates during summer hols. and then only once or twice with old friends. I don't let dd play out (we are too far out the village anyway), so she is not going to 'bump' into them. I don't think she has missed out so far because of this.
Parties, we travel, but the kids are all scattered, school nights we don't have kids come and play except Fridays. I do however have to think carefully who comes, as it is a long way to expect a parent to come and collect. Maybe next year they can sleep over on a Friday, until then we make the effort to pick her up from friends houses too. Discos/play etc, there has only been one and she went to a friends house after school and we collected her afterwards.
I wouldn't choose to do this if I could help it and only do now because the school is an independent, if I had the option of another reasonably good school nearer to home, I would choose that, but the only one we could get into, is in special measures and on a large very run down, don't go there at night, estate and I am sorry, but I don't want that environment for dd - flame me if you wish, but I am lucky enough to have a choice.
It isn't easy and I don't think I would have wanted it for a Reception and Year 1 child, but by Year 2 or 3, I think they can cope with the travel a little better.