Craig,
In my own personal experience, I've been a member here at the Dubuque Golf & country Club for almost three years now...and I love getting out there and playing it every time. I feel like the course offers ample challenge to keep me engaged on a day in and day out basis, plus the fact that it is a mere 8 minutes from my house and I can easily walk it in about 2:30-2:45.
I've always enjoyed playing new course, and experiencing the thrills of teeing it up somewhere different...but I have truly enjoyed playing my home course more and more. I guess my ultimate decision was, would I / could I enjoying playing the same course over and over. After my initial tour of thew facilities and playing the course, I made the decision, "yes". I do not regret my decision.
On the other hand, living in such a small community as I do (only about 60k people), my golfing options are somewhat limited, compared with living in Chicago. So...maybe if I were living back in the "big city" where my cjhoices would be nearly endless, I would have a different attitude and might much more enjoy course hopping to see all that was around to be offered.
Interesting question, though...