Gas prices not only sparked the idea of commuting via bike but also drove me to this forum. From a purely economics stand point it makes sense. I already road cycled so start-up costs were low. $40 or so for lights and a cable lock. Wear and tear costs on the bike should be quite less than wear and tear on a motor vehicle.
Gas prices also have me using my bike rack less. Instead of driving to a planned cycle route, I plan routes accessible via the bike.