While some readers may think this story is a bit over publicized, let's not forget that it's pulled in over 2.3 million pageviews. Turns out it's not a hollywood tie in, but rather an experiment in storytelling.
[Ed's note - Check out Graywolf's post for background info
"It turns out the people behind the wildly popular video blog lonelygirl15 are not studio executives, Internet moguls or, as some suspected, Satanists. Instead, they are aspiring filmmakers who met at a mutual friend's birthday party in April: Miles Beckett, 28, a Web-obsessed medical school dropout; Mesh Flinders, 26, a screenwriter; and Greg Goodfried, a 27-year-old lawyer."
The articles reference a new site launched yesterday by the creators, but I'm not able to find it at the moment.