It's really dependent on you.
I think travel time is a big factor.
A school that doesn't take too long to travel to would probably be most ideal. That's just me though, after getting used to being able to walk to school within 5 to 10 minutes. The advantages are good - you don't have to wake up really early, if you need to go in and talk to your teachers you can just walk there. Time that could be spent studying or other stuff isn't time spent travelling. I think this is the biggest advantage.
It'd depend on if that nearby school was good in your eyes though.
Though there'd be heaps of people that are willing to travel for ages just to go to what they perceive to be a good school. That's not me - I wouldn't like to put up with having to wake up at 6am just to go to a fancy school, when I could leave the house at 8.40pm and still be early to a perfectly good school.
If there's a few different schools in your locality, check them out and see if they fit your definition of good. If they're not, then it's probably only worth then to go and look if there's any other fancier schools you'd like to go to and be willing to take the time to travel.