I'm not going to sugarcoat the fact that not having a dedicated home hospital is a bit of a nuisance at times. However, I would say I'm happy overall with the quality of our rotation sites. The different hospitals give you the chance to see a wide range of patients from all backgrounds, and I never had a complaint about the educational quality. Even at the "worst" sites, there's plenty of opportunity to learn.
Regarding distance, it's not too big of a deal outside of family medicine. Some of the FM sites are truly terrible in terms of commute. Admin told us they're trying their best to get more options, but it is something to be prepared for when the time comes. Other than that, the other sites aren't too bad to commute to. My advice would be to get your apartment settled early, so you can target rotations with decent commute times. Just from my experience, outside of FM and the specialty of my interest where I chose the best educational opportunity, my commutes were all within 15 minutes of my West Loop apartment.