My Girlfriend (who I've been dating for almost 5 years now - that probably makes a bit of a difference) went away for school this past year (she now goes to school in Baltimore, MD and I live in CT), and we decided to stay together and work through it. I'm not going to lie, it's pretty fucking hard, but if you can trust each other and are willing to do it, it's honestly not that bad. The key is to try and make time to talk to each other on a regular basis and tell each other everything. Also, trying to find something to do together that you normally do together when she's home, even though your apart, helps a lot, for example, we video chat and watch our favorite TV shows together and talk about it, if you can't video chat (which if you can't I highly recommend investing in some webcams, it makes it a lot easier and cheaper than phone calls) you can watch the show then call each other and talk about it after. It's all about trying to make it as normal as possible to keep you sane. Also, get a frequent flyer program going (and if your old enough/have good credit, get a credit card that gives you miles) so you can visit each other when your schedules allow.
Like I said, it's not easy, and you really have to trust and care for each other to make it work, but it is very do-able if your willing to work for it. If you don't think you are going to be willing to work for it or you don't think it's worth it, break it off now and save yourself the trouble, cause it does really suck in the beginning, but it does get easier as you get used to it. Hope that helps man, good luck, and just do what you think is right for both of you.