I guess it depends on your priorities and what works for you as a couple. As someone who's already in a long distance relationship (California - France, yeah... LONG distance, haha), I can tell you it's definitely not easy. Mainly because there is no end in sight to the distance in the near future... there are also residency issues for the both of us, which is a huge obstacle. Not easy for an American to just go get a job in France. However, for the moment it's manageable because we manage to see each other often enough (been to France twice already this year, haha) and we both have different things going on career-wise so we're aware it could last like this for a few more years and neither of us are in a rush to get married. Education/career is our priority right now. Obviously, these are all things you need to discuss as a couple, because I'm sure everyone on this message board will tell you to take the Fulbright haha.
In the case you received the Fulbright, would you be able to defer your acceptance to the MA program for a year? Personally I would take the Fulbright and defer. The distance is hard at first but you get used to it, and it's only 10 months (thus there is an end in sight to the distance).
Anyway, this isn't a relationship thread so I'll try and make this post somewhat relevant by saying I cannot stand waiting anymore! Every day I go through an emotional roller coaster... happiness to go to bed and excited to wake up in the morning to check the mail. Then I freak out because there's no large manila envelope, so I fear all that's left is the alternate/rejection letter. But there's never anything, so I'm just disappointed for the rest of the day, and the cycle continues every day! Anyone else been having dreams about getting packages in the mail? I've had dreams 3 nights in a row. In one, I got a fat manila envelope addressed from Fulbright but it had my bank statements in it. I had another dream I was an alternate, I woke up horrified but was so relieved when I realized it was a dream! See...? I'm going crazy...