1. The quality of something that is manifestly false (or bogus)
2. Something contrived, or patently false, designed to project a pleasing image or message through the media (newspapers, TV news, etc).
3. A polite way to say "bullshit," when the situation calls for something a little milder.
"But alas, judgments about who's faking it are left primarily to what we might call (for the imposed lack of a more familiar but less printable term)* the bogosity detectors of the American people."
Meghan Daum, L.A. Times columnist, August 12, 2011 (printed in Chicago Tribune).
* She means "Bullshit."