it all depends on where and how you ride. i can make most any ride i need to here in a reasonable amount of time (normaly 1.25 - 1.5 times what a car trip is but for short trips to the grocery and such i get there faster than i did when i had a car) and way faster than the bus (i left for an doc apt at the same time i would board the bus to go to the same place and made it to the office in half the time the bus did).
i just got lucky tho my work relocated 1.5 blocks from my home so i just walk to work now unless ive got stuff to do before or after work.
i only have one thing that usess gas anymore and thats a moped (70+ mpg) and some times its faster to bike than to use it because on a bike i can use trails to shortcut as to having to stick to the road on the moped.