Yes. Definitely possible. Li-ion batteries have always had really great cycle-life. However, the 5 year shelf-life thing applies even if you only put 1 cycle a month on the battery. So that can be an issue. Although, keep in mind that these ratings don't mean that after cycle 1000 or after 5 years, your battery is dead. IIRC, the ratings are to 85 percent of starting capacity.
I have a Macbook Pro, but one of the pre-Oct 2008 ones, with the removable battery. It gets pretty decent runtime, but I would love to have an 8 hour runtime--no question.