As others have said, its totally dependent on how hard the commute is. I have a pretty easy commute, 6 flights per day in the summer and normally 5 in the winter (but down to 4 on certain days). Also i could drive (about 4-4.5 hours) or take a train ($60 each way) if I really neee to.
The cons are, you will lose time at home. Ususally 6-8 hours on the front end and minimum 3 but usually 6 hours on the back end of each trip. Additionally, its much harder to pick up open flying for premium pay (however personally I doubt I would do that if I lived in base, but others might).
The pros are, you get to live where you want. I absolutely love where I live. Close family members are only a few minutes away, which to me is HUGE. And if I lived in base, Id probably be flying to visit them twice a month anyways.
Its all dependent on personal situations. I wouldnt commute to LAX from the northeast, but since I commute within driving and public transit range, its not as hard.