Most Helpful Guy
I think it is a good idea. You really don't want to do an LDR, they suck hardcore, and can lead to real reasons for serious breakups because of the sheer strain they put on relationships. They can be survived by long time couples, but you are right the time is too short. He might come back with a Japanese bride if you do, but heh w/e if he's happy right? You'll find someone too and get your happiness as well.
Plus you can kind get some good closure for both of you. Nobody is at fault, nobody gets to be the bad guy (or girl), its just differing life goals. It is a nice, smooth, politically correct breakup. I'd say take it.
Most Helpful Girl
Sure, if you aren't feeling it break up and make sure you two aren't hating each other. After 3 or so years, you never know where the two of you will be. Life is untold and that is what makes it wonderful.