I'm living at home, and love it. Don't have to cook for myself (i'm hopeless at it), don't have to shop (i hate it), don't have to wash my own clothes (who enjoys that?) and don't have to pay many living expenses. I can also call my friends when I want to go out, rather than have them banging on my door whenever they please and don't have to use a tinnea (sp?) infested communal bathroom. I also have some privacy and am a two minute walk from Bondi Beach. Finally, my room isn't the size of a jail cell.
Personally, i'd rather all those benefits than the "convenience" of not having to buy a travel ten each week and waking up half an hour later each morning. But to each their own!
Note: I'd probably think differently if I lived more than an hour away from my Uni.