Yep, I'm doing it. I live in Naples, FL where my wife works & lives full time, but my work is in Miami 2 hours away. It wouldn't be practical to try and drive it each day, so we bought a smaller place close to my work for me to stay at during the week. I go home on the weekend, staying 4 nights at my 2nd home and 3 at my real home with the wife. The separation is not fun, but I can make 3-4 times what I would be able to make in Naples by being in Miami. Financially, the cost of buying and owning the 2nd place makes better sense than renting. It's an up market, so we hope to be building equity in owning the 2nd home. I've been doing this doing this for 3 years now and my plan is to go 4-5 more, then retire. For retirement income, it will be worth it.
We have met quite a few people who are also dong the same, some who go great distances to work.