Cheap energy is good, but i worry more about our ability to afford those things.
If gas was $.10/gallon, cars would be cheaper. We wouldn't need ridiculously complex gas engines tuned to yield another 1 mpg, or electric cars with $30,000 of Lithium-ion. They could be low-mpg and cheap and it wouldn't matter.
If gas was $.10/gallon, everyone's wages would, effectively, increase since every person who owns a car would spend less on gas, which for many people is a lot of money.
If jet fuel was $.10/gallon, flying would be cheaper. Importing and exporting goods from faraway places would be cheaper.
It's worth noting that due to Jevon's Paradox, investments in energy efficiency also result in greater energy consumption.
There is one mode of transportation that is currently REALLY cheap and that's huge ships. That's why we import so much from China -- sending a huge ship across the ocean is really cheap. If all forms of transit were that cheap (trucks, flights) the world would be very different.
Would cheap energy lower land costs for a house or flat? Cheap energy would improve situation. But a lot of competition comes from productivity and wages. Low wages in Asia made possible to import goods cheaper from Asia rather than produce locally.