I have a full time gig that allows me an insane amount of flexibility (60% at home, flexible hours when in the office to avoid traffic). The time not commuting and lack of stress allows me to work on personal projects. I like the group I work with, the fact that we are a mix of product and research, and that we all collaborate well through a mix of communication -- in person, email, Skype, etc.
Recently, a company I previously interviewed with, liked, but turned down, made a very generous offer -- probably 20-30% over my current situation at the cost of flexibility and working at home. It was technically more interesting and challenging than my current job. I thought about it and was going back and forth.
My wife came to the point -- are you willing to give up your own projects and 6+ hours of commuting a week for the $ difference? Calculate the hourly rate just based on how much more you are commuting.
She was right. Opportunities need to be weighed against what you want. Sometimes having a third party for a bit of reason helps.