The impact is pretty much irrelevant. It is also not constant, so the extent of the effect would on distances involved in the specific circumstance. If a kid wants to be "far from" home, he'll be more enamored by a school 900 miles away than he will be with a school 600 miles away. Similarly a kid that wants to be "close to home" will prefer a school 20 miles from his home more than a school 160. (Both schools in both scenario would receive a boost over someone who wasn't far/close, but the boost isn't the same for both).
Aside from a case where two teams jump on the kid with an el cheapo special and have no more money to throw at the kid, I really can't envision a scenario where the effect comes into play. It's one of those factors of the game that I don't give passing thought to during the active recruiting phase. As someone said above, one HV probably overpowers even the most extreme level of the effect, whatever it is.