I do believe in "online love". My current relationship is a testament to its possibility.
I met my boyfriend online; he lives in the Netherlands while I live in California, and we have been together for almost 2 years now. We talk to each other every day by any means possible (im/video chat, sms, phone call...), and we see each other every summer and winter. It's very expensive, but I believe that it's all worth it.
Yes, there are many people who lie online. But there are also many people who lie in real life.
Love is love is love is love. It doesn't matter through what means it is conveyed (whether online or "real life") because it is the same thing: love.
And I for one believe in love.