ages

[Itasan]

Is this understanding correct?
1. It's ages [an age] since I saw you last. - BrE
2. It's a long time since I saw you last. - AmE & BrE
Thank you.

[Marylin]

Is this understanding correct?
1. It's ages [an age] since I saw you last. - BrE
2. It's a long time since I saw you last. - AmE & BrE
Thank you.

I think in both sentences I would go with Present Perfect:
It's been ages since... ( it's just a cliche to say "a very long time")
It's been a long time since...