I've done it. It was absolute torture, but we got through it. When I realized I was all the way across the country and neither of us had any desire to pursue someone else's attention... I knew it would be okay.
It's obviously not for everyone. It definitely requires a strong, confident personality on both parts on top of a solid foundation of trust.
Back in first year, I would have NEVER expected to be in long term relationship I am in now, but it is what it is and I have no regrets! I am very, very happy.