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Seeing as I commute on my own company's services, generally, yes, unless the have headphones on, when it's just a polite nod, or if the other party happens to be driving a train, in which case it's a wave.
Not trains but on the buses when I was living in Sheffield I'd sometimes see colleagues on the bus in the mornings. Dependent on how well I knew them in the organisation* I'd sit with them for a chat, but those I'm less familiar with I'd at least say a good morning to. Not a big morning person though so I often chose to sit by myself and listen to music...!
* I worked in IT in a private hospital so you kinda got to recognise everyone in the building even if you didn't work too closely with them; most departments otherwise kept themselves to themselves!
I will always say hello when I'm travelling by train - given that I work for my local TOC, I often know the staff working the trains. With some colleagues it's just a quick hello but others will often stop for a chat if they have time. I occasionally use another TOCs services in uniform and often find their guards are keen to have a chat - "we're all in it together" and all that!
Occasionally, one will find me talking (generally in a loud and very nerdy manner) with a fellow enthusiast or someone else who I so happen to have bumped into. Certainly, if I know someone I see on the train or at a station, I will at the very least say hello, unless I see they're asleep, of course!
I will also sometimes have a chat with any railway staff if they know me (when they are not otherwise engaged in their duties).
I sometimes did on the bus with someone from the desk opposite mine until they got a car for their commute. Last time we did it together was when NX had a Volvo B10B on a what was B10L operated route. That was 4 years ago.
95%+ of the people who use the bus I get to work, also work at the same site as me, and just under half work for the same company.
I probably have a conversation on the bus twice a month or less, and it's generally with the same person each time.
(In the warmer months I tend to cycle, so there's no chance of awkward conversations there :P).
I find those who I meet on the stairs once or twice are good for info, especially if you know they work in a department that work affects your department
I try to either get some work done or read the paper. I'm not averse to speaking to colleagues but I can't really say no given my position and should there ever be anyone from my company or RUGs or passengers then I'm more than obliged to when its during working hours.
Outside of work then I'm not so keen but still do just to be pleasant
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