I got to see both situations, and their consequences (for lack of a better word) first hand.
My niece went to a suitcase school. She went home every weekend....after her last class Friday (or Thursday some semesters) and went back just in time for her first class Monday. Her parents bought her a car to make this possible- she is an only child and they loved having her home. She went to classes and studied while on campus, no extra curriculars, no tailgates, no basketball games, no campus job, nothing to tie her to the school other than classes. When she graduated, she was done. No visits back, no college friends in her bridal party, and less than a handful of college friends at her wedding. Long term friends are all from her childhood or through her husband. It doesn't bother her, and it worked for her. She is happy with the experience she had.
The other side of the coin is my son and my step son. They both fully immersed themselves in campus life, coming home only for holidays and special events. Both got involved on campus, sports, clubs, Greek life, tailgates, parties, trips with college friends, etc.
My stepson, though he lives home now, six years post grad he still goes to homecoming, frat and sports alumni events, and frequent visits to different areas to visit college friends. He has been a groomsman for three frat brothers so far, with more ahead.
My son is only months from graduating, and is on the DCP. Before he left for Fl he made trips out to his college as often as his summer job schedule would allow. And his first trip home from DCP will be involving more time visiting his college than visiting home.
It seems to me the immersion creates a new "family" for students. Those who develop those ties hold onto them later in life, and those who keep closer to their old life transition back into it more readily upon graduation.
My youngest heads to college next fall. I hope he finds a new family like his brothers did, and I hope he gets the full college experience. But if he chooses to come home every weekend, it will be his choice.