Should we break up, take a break, or try to work it out?

I feel silly posting this on yahoo answers but I would like some unbiased opinions from strangers. My boyfriend and I have been together for 2.5 years but we've been friends for 4 years. We love and respect one another very much and we get along very well. I'm 24 and he's 23. We used to live in the same city and we were very happy while we were together. This August, he moved away to get his PhD even though he had a full-time job offer in the city where I live. I respect his decision to move because his PhD is something he really wants. We decided to do a LDR and it hasn't been going well. He's uproariously busy and I'm getting my PhD too but I'm done with classes, so I have more time to miss him. He's not prioritizing our relationship and he's admitted as much. I don't think I'm the type of person who can handle not being his priority when he is my priority. And he really doesn't have the time to spend time with me. I spend time with my friends too, I'm not a needy hermit, I just need more love from him. We talked about this and there's really not much we can do at this point. But I don't want to give up on something that is great when we're together. I also don't want to resent him or waste my 20's (I'll be 29 by the time he gets his PhD) waiting for him. Is love enough to make this work?