Similar situation for me... My girlfriend's going to uni this autumn about a 2 1/2 hour train ride from where I live, while I'm taking a gap year. We figure it's worth a shot, though, and the worst thing to do would be to break up just before she went. Basically, it's kind of a choice between "break up now" or "try the ldr."
We picked the latter, and if we can make it through the next year, I think it could really work out, because the uni I"m going to next year is only 1 1/2 hours away from hers, so seeing each other once a week / 2 weeks is quite possible. Still not ideal, but I think we can do it.
The problem I have with it, really, isn't the being separated, so much as not being a part of all the new, fun things that she'll have going on at uni. All the events, all the new friends, etc. I really feel like I should be there for all that, and I can't.. That's really what feels worst about it, but I love her, so I'll give it a try.
I realise we're quite fortunate that our unis are so close, and even that her uni is so close to home, because it makes visits that much easier. Still, no matter what the distance, I think that if you really love the person you're with, you have to at least try. Just don't be get your hopes up too much, because the fact is it may not work. Be happy if it does, and accept it as gracefully as possible if it doesn't.
Just my rambling thoughts, for what they're worth. Helped me to think this thing through, hope it helps you, too.