To start out, this is pure speculation, but makes use of facts. The goal here is to verify whatever or not the coming Dragon Ball season "FO" is true or not. So, how and where did this start? I will find out here. Collecting this info has been VERY hard, so bear over with me if some of this is incorrect.
DIRECT BEGINNING:
Sources claims that it began as a post made by a member called "The Judge" on www.MajinForums.com. And considering the date that "The Judge" made the thread about it, it could very well be true. Already there, it's a very unreliable source. But who is this "The Judge"? Going by people from Majin Forums who had seen him post, he is supposedly from Denmark and likes to act stupid and piss people off for attention. Troublemaking is on the internet called "trolling", hence this "The Judge" could be a troll. So after a quick search of "the judge troll" in Google, this came up: http://www.encyclopediadramatica.com/The_Judge. How do I know it's the same guy? They are both called "The Judge" and are from Denmark. Would be quite a cooincidence if they weren't the same, considering Denmark's size. If he even got a ED page and obviously has toyed around with even them, then this guy must be a quite good actor (through his retarded acting on ED was obvious to none other than them). Sources also claims that he goes under his alterego "Him In The Court" on www.serebii.net's message boards, where he is a legend for his weird Pokémon theories. All around, The Judge is a guy who likes to fool people, so he is by no means a reliable source. Or is he? The Judge has proven to be a huge Dragon Ball fan on Majin Forums, going by his threads there. Very advanced and thought out theories from him that ordinary fans don't think about can be found there, and maybe he got it all from a hidden source? It's possible that he didn't lie, considering his insane fanaticity of Dragonball, and he could have gotten the news before many other people did (other people on the internet has claimed to have heard the news of FO from a japanese TV channel, too, but only after this). However, when digging into the largely active thread, The Judge has several times said that FO is a prank he made and FO stands for "Fuckin Owned". However, he later started claiming it was true again. It's possible that The Judge claimed it was fake to piss people off, thinking he lied. All around, the vality of the source is very hard to believe. Already from there, let's say it's 10% for DBFO being real. But did he just say "A new series called DRAGONBALL FO is coming!"? No.
THE MYSTERIOUS TEXT:
The Judge wrote a unprofesional opinion on something he claimed to have heard from a japanese friend who saw it on TV (it should be noted that many other people started popping up on the internet with the info later, claiming to have seen it from a japanese channel). Later, a similiar, but much more proffesional version of the text appeared on Wikipedia:
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"Dragon Ball FO" is the newest, upcoming addition to the Dragon Ball (anime)-series, succeeding Dragon Ball GT. What 'FO' means has yet to be revealed. "Dragon Ball FO" was announced by Kakusho Sitori (important staff of Bird Studios), 31. December, 2007. The date for the first episode has yet to be revealed, through Sitori revealed it to be in the fourth quarter of 2008, through the date might get pushed later on due to problems with one of the mainwriters, who is stated to be no other than Shigesato Itoi himself. "Dragon Ball FO" will focus on Goku Jr., being the first "Dragon Ball"-based anime to not have Goku as the maincharacter. Just like with Dragon Ball GT, Akira Toriyama won't be involved with the story or production.
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Wikipedia deleted the article after days of debating, but I was able to find the text on IGN boards after searching Dragon Ball FO in google. This text could be considered "The Bible of FO", as it's the only clear source of information, besides a few edits to the Wikipedia page over time, edited by random people who claimed some of the names (including Kakusho Sitori) was either spelled wrong or was all around the wrong guy. But the mentioned people, Akira Toriyama, Kakusho Sitori and Shigesato Itoi do exist, so let's see if they have given any clues on this...
HINTS FROM SITORI, ITOI & TORIYAMA:
KAKUSHO SITORI: A little Google searching makes it clear that there exist no Kakusho Sitori on this earth. However, on Wikipedia a lot of debate about his correct name was taking place, and a possibility is that he is infact named Hakusho Satori, who is, as the text said he would be, a staff of Bird Studios. So if we edit a little mistakes in "The Bible of FO", we can actually find truth with the help of Google. Hakusho Satori did indeed have a japanese interview around the time that The Judge posted the news for the first time, but I will be honest, I don't understand japanese. But it was about Dragonball, that's for sure.
AKIRA TORIYAMA: Akira Toriyama has said nothing about Dragonball FO, which should be a give away for 2 reasons. 1, he haven't had any new interviews recently. 2, he is said to have nothing to do with FO in "The Bible of FO".
SHIGESATO ITOI: Jackpot. The man does indeed exist, and he wrote the story for the legendary videogame "Earthbound". He seems perfectly fit for writing Fo, and he is one of the mainfactors for it to likely be true. After releasing Mother 3, he said he "would try big shots with other medias". Other medias where a jappo could write stories would of course be anime. And what is the big shot there? Dragon Ball.
CONCLUSION:
It's clouded, but DBFO is very likely to turn out true. The tex in "The Bible of FO" do match some interesting coincidences now, and there is a Dragon Ball IRL life movie on the way.