I did the long distance thing for a while. I live in Florida, he lived in Japan. We talked all of the time with Skype/MSN and on the phone once a week in addition to a string of almost daily emails. I'm not one hundred percent sure how it ended, we just grew apart. Add schooling and work on top of it and there are scheduling conflicts.
As long as you work at it, I don't see why it can't work. Just as long as you keep your connection it can easily be accomplished.