I had a professor back at the tech college I attended before the uni I'm at now, the first day of class he was assisted by his wife who he'd met online and moved from Texas to the Carolinas to marry. Nothing even remotely odd about that, for sure, and if you could have seen both of them, you'd understand why they had to go to such extremes to meet someone that would be with them :p
Anyway, the guy is talking about Stephen King (it's an early American lit class, but he's talking about Stephen King), and he and his wife get into a heated arguement in front of the class as to whether or not King is "literary" compared to the great masters. 
The next day, he came to class with a large cut on his forehead 
Thus, my reluctance to try internet dating...
But as far as the honesty issue goes, there's a difference between being open and being brutally honest. You're trying to sell yourself, but not to the extent that someone comes into the dating situation expecting something that you're not (thus no pics of Brad Pitt when you really look like Bruce Vilanch). You don't have to write down your life story, but give them some kind of a handle on who you are as a potential mate. 
That's my two cents as NOOL's resident "love doctor" 