There's a lot more that should factor into your opinion than commuting, but certainly living in base should be your top priority. Here's how I would look at things (in order):

1. Can you drive to work or take transit to work?
2. Does this airline have a future?
3. Does this airline meet my long term career goals (if PIC is important in that equation then look at upgrade times strongly)
4. What is the reputation of the airline in the industry (avoid the GoJets and Mesas of the world)
5. What's the total pay expected in the first 5 years
6. Are current line pilots happy? Work rules, management, etc. will factor into this.

I think beyond these questions it's kind of a gamble and there's something to be said for a place you just feel good about.

Given that this is in the Air Wisconsin thread, for me all these boxes were checked.

1. I live in Chicago.
2. 5 year CPA just signed and starting this fall with ORD and IAD
3. I need to get a year or two of current 121 flying under my belt so I can start getting attention at the majors. The UAL CPP doesn't hurt.
4. Stellar
5. Highest package I could find $ wise
6. Talked to a number of current/former pilots. Nothing but great things (with the usual regional gripes)

Hope that helps but in the end you have to choose for your unique situation.