Well, I've never heard of a myspace relationship amounting to anything, but that doesn't mean it isn't possible. Do you call each other on the phone? Do you talk for a long time? Yes, you have to visit each other and see if you're compatible in person. As most people said, it's not imPOSSIBLE, just highly unlikely that you are, and that you'd both be willing to put in the time, commitment and effort required for a long-distance relationship.
That being said, I was in a long distance relationship for a very long time. Sometimes I think I'm still in it. It has basically become an open relationship (i.e. impending failure) which occurred when the distance increased from 150 miles and a 1 hour time difference to 2000-ish miles and a 3 hour time difference. Still, I want another long-distance relationship more than a close one. I like my space; I just need someone I can trust, someone who is worth it, someone who i can see every other weekend or so, and that way every time we see one another it will be special and something to look forward to, and something exciting. (As opposed to the day-in, day-out, morning-breath, fart-in-front-of-one-another, romance-draining relationships that I see most people having.) Suffice it to say, I won't be settling down any time soon.
For two good people with busy lives who are mature and trusting, I think long-distance can be wonderful (for a while.) Make with that what you will. Good luck.
P.S. I agree. It isn't love. Have you ever been in a long-term relationship? Are you sure you know what love is?