I have no problem with people in Internet Relationships, or LDRs. I've been in some, both good and bad. Some ended in lies and cheating, and one ended in her wanting something physical(And then couldn't find it and wanted me back). My current relationship started online, but we've met twice, and are meeting again tomorrow for a week. 

People can and probably WILL lie to you, it's easier on the internet, because you have no real way of finding out if they are lying. But all in all, the only thing really missing is the physical aspect and if you can handle not having someone touching you, then you'll be fine. I was in one, well, may as well have been in one, for four years(TP knows, he knows both me and Danielle), that ended over a year ago - back in January of 2013.

Me and my girlfriend talk all the time, and are often talking until we fall asleep - usually her first, and then me. We Skype, we meet up when we can, we talk, and make it work. Trust is the biggest thing we have, and I've learned to keep it in my pants - both over the phone... and in RL. xD

Oh, and it's not for everyone, definitely not. Eventually one is going to want something more physical, than visits every so often, or something more permanent and at that point, you either have to pack up and move(One of you), or accept the fact it won't work until you can.