Jenn,
I am in the situation that you and your boyfriend could be in after he is done basic- I am at CFB Borden awaiting training. Here's some pointers that you might find helpful;
When your boyfriend leaves for Basic you need to remember that he will go through some tough times where he will wonder what he is doing, and he might want to quit. He will be frustrated and stressed, he will be scared. He will need your strength and determination for inspiration and to keep any doubts away. Basic training, for those that havent gone through any military training, is a huge culture shock, and he will need you to be strong. You are busy all night up until bedtime, so calling home might be tough (although I found time to call my girlfriend every night, sometimes only just for a few minutes). Internet access is pretty poor, only a few pay-as-you-go dial-up computers on base, lots of people trying to use them, etc.
Basic will be frustrating, but it gets better.
Once his training is completed, he will be allowed to live a "normal" life, where he can live off of base. Work will usually be a 7-4 kind of day, but take this with a grain of salt. Remember, military people have lives too, and they want to go home and see their families as well, so from what I know, most units work 'normal' hours, with some exceptions.
If you two have lived together for over a year, and have the paperwork to prove it, you could change your marital status to common-law, which has a few benefits. On paper he will have the same status as being married, so you will be taken into account when he gets posted, and if he is allowed to live off of base during training (depending on his trade). When he is away from home, he will also get separation pay, which isnt a huge amount, but it helps out.
In short, yes there is hope for a relationship, if you two are willing to make sacrifices. Remember, the hardest part is the beginning, and it gets easier from there.
Mike