I believe that Teen love is possible, but its not very often that it occurs. Most of the time the teens get their hormones mixed up with their emotions, or because they've never felt real love before they assume that because the emotion is strong, it must be love, which its not.
Yes, situations do happen where teens are actually in love, but a very small amount. So when people tell me they "love" their boyfriend/girlfriend, I just nod and agree (even if I disagree). Because if it is love and not lust it is pretty obvious to see.
My parents are an example of real teen love, They have been together since they were 18 years old, married since they were 19, have had a 19 year old son and a 15 year old daughter, and they are still happy and in love.
I guess time will tell if the teens that say they are in love, really are.