Long distance.

I would like unbiased opinions about a predicament I have gotten myself into: About 3 months ago, I met a guy on OKCupid. He's really nice, nerdy, cute, etc., but the problem is that he lives over 700 miles away. We have both been to see each other, and we both think there's a fair amount of attraction. However, he has a job and I have at least two more years of grad school to get through before I'd be willing to move, so we will never get to spend any significant amount of time together until then.

All of my friends basically tell me, "do what makes you happy." But practically, is this something that can actually go anywhere?