I knew about the website, and I do agree that it's really funny. The phrase is just being over-used way too much by people who have otherwise carefree lives. And most of their "FML" stories are results of them being completely stupid, not actually a mistake situation.
This brings me to the next term I hear from all of the kids at my school that drives me CRAZY.
"legit".
example: "It's legit raining outside". or "I got an A on that really hard exam. That's legit."