Still, though I think true bilingualism is extremely rare, If by "True" you mean being able to do anything you can in one language in the other language without any hiccups and word-searching and at the same speed and eloquence and precision in all possible situations and contexts.
I've studied at a university level in 3 different languages and am highly fluent in all of them, still there are a lot of contexts where I don't know the specific vocabulary in one particular language or might have problems finding the right word in one language because I'm getting interference from the other ones.
Also, I've known a lot of bi/tri/quad linguals in my life (whole family, extended family, friends, etc), and in my studies and I have yet to encounter even one truely bilingual person as I defined it above.