I have a 30 min bus commute, and I LOVE it. I read, I practice languages on Duolingo, I catch up on news, answer emails, etc. It takes otherwise unproductive driving time and gives me an extra hour "back" and I feel so much less stressed when I'm not the one battling traffic. I love that my bus drops me off within a few blocks of my workplace and I never have to deal with parking or fees, AND I have a built-in excuse to leave tedious afternoon meetings -- "Sorry, have to run, gotta catch my bus!"
I guess this also depends on the flexibility of your employer. Will they let you leave the office early in exchange for you still being productive for that 1.5 hours? Or do they expect you to be butt-in-chair from 9-5 regardless? My employer is very flexible, and I actually come in a bit late and leave a bit early (using part of my commute as "work time" as I answer emails and then a bit extra work in the afternoon at home gets me to my 8 hrs/day, but with that setup I'm not getting home ridiculously late.
For a 40% raise and all else being equal, I'd totally do it.