Most people who say "I love you" truly mean "I love you." I suppose that it's easy to get confused by whether it means something platonic or romantic. In my high school, it is pretty clear that "I love you" expresses a platonic feeling, whereas "I like you" expresses romantic interest. I disagree with that usage of "I like you," although there's nothing with which to replace it.
I have a few very close friends who I say, "I love you" to on a regular basis. It's not fake; the words aren't being cheapened. It may not be the kind of love someone means when they're "in love" with someone, but it is true platonic love. These are people I love, but with whom I have no interest in getting into a relationship. The phrase is reserved for the people I care about, for the people who really know me, for the people I cry for.
I don't feel the phrase is being cheapened in any way, because it does not mean, "I'm romantically attracted to you". All of the friends to whom I say this know exactly what I'm saying, and exactly what it means. It means I enjoy talking to them. It means I feel their hurt as if it were mine. It means I'll do anything within reason to make them happy. It means I'll always be there for them.
When I say, "I love you," I mean it.
