Another LAT-er here. 2.5 years in, live an hour apart, see each other a couple of times a week with and without respective kids, holiday together, very much in love. Similar to OP and lots of PPs. There are lots of upsides (own space to parent, work, live, do hobbies, chill etc; no getting bogged down in domestics; much longer honeymoon period compared to previous live-in relationships; independence, etc. Both divorced and don't want to remarry, move in together, or have kids together.
Unlike many of the PPs, I also sometimes struggle with the lack of future masterplan, though I'm happy with the day to day. It sometimes makes me worry that the relationship could be stopped too easily. I'm not quite sure how much of the difficulty is societal conformity to the usual markers of commitment (cohabiting, marriage, kids, shared finances - none of which guarantee commitment of course) or whether I'm just not cut out for long term Living Apart Together. DP is entirely happy with our arrangement but I have asked for more discussion of the future. We've started to do this a bit more in the shape of future trips, etc, which makes me feel more secure.
Until then or unless things go wrong, I'm trying to enjoy what we have and enjoy the fact that we actively choose to be together rather than defaulting to time together. Therapy also helps (I was abandoned without warning by my ExH so let's just say I have a few anxiety issues there..).
Check out the Facebook group Apartners for stories of how other LAT couples make it work. The Relationship Escalator is also helpful for illustrating this way of life. Good luck.