I left my bf behind when I moved away to college and we're still doing fine 2 and a half years later. It's quite possible to pull off a long distance relationship. You'll probably have to get used to spending less time with each other, but between cellphones, instant messaging, and webcams, you can still do a lot of things together. Try to find as many things as you can that you both like doing, but can still be done over a distance... watching the same movie on TV for example, or online games, or whatever works for you. Talk as much as you can, make sure you're still involved in each others' lives.
Oh, and check out greyhound bus routes, they can be pretty cheap, and an hour apart isn't very far.
Good luck