It's certainly not practical for everyone, but this is what I did. I made a list of must have items:
- Steel to help tame the roads (maybe aesthetic reasons as well)
- Ability to fit 32mm tires to help tame the roads (I don't need/want fenders)
- Drop bars for the hand positions (I hate flat bars for road rides over ~10 miles)
- A minimum of 105 quality components

I wear a messenger bag, so a rack wasn't necessary. That being said, I ran a rack and panniers for about a month and it made the bike feel sluggish, so I happily went back to my messenger bag. If my commute was flatish, I probably would have gone single speed, but I have some good climbs and decided to go 1x9.

Basically, I went out and found the cheapest, quality bike I could find that met my needs/wants. While not practical for everyone, it works very well for me and I like how it looks as well.

The only change I would make on my next commuter, should I end up buying a new one, would be the addition of disc brakes.