One of two things are happening here.
1. You meet their expectations with experience, qualification, etc, but then they later find someone who not only meets but exceeds their expectations - and decide to go after him/her instead. You don't have the job until they offer you the job so when they say "they'll get back to you shortly" that means they'l be getting back to you with a yes or no - they haven't made up their mind and there is always a chance there's someone even more suitable to the role than you. With the economy the way it is, there are enough people looking for jobs that this is absolutely possible. They did not lie, nor did they waste your time beyond what is normal for the recruitment process. They find a very few candidates that meet their requirements, interview, and hire the best (if any are suitable).
2. You didn't do as well in the interview as you thought, and although your qualifications and experience are all exactly what you're looking for they do not feel you're a good fit for the role (personality, attitude, etc). That doesn't necessarily mean bad - I've turned away people who are not flexible enough for some roles while turning away those who are too flexible for others just for the nature of the job.
I don't know where you get the impression you've been lied to. They never promised you a job, and you could still very well have fit with the qualifications/experience/education they want and yet there still is someone even better than you for the job. Such is life and that's how job hunting and the recruitment process works. For everyone. If you truly are an excellent candidate, then it should be no problems landing a job after going through the interview and recruitment process a few times. It you're being interviewed and turned down more than half a dozen times then time to start brushing up on your interviewing skills as it's not just bad luck that someone even better than you is also being interviewed but something you need to work on in the interview.
When I have an opening, I try to snag 3-4 resumes of those who have the right education, experience, etc and interview all of them. Often, I'll end up making an offer to one of them but sometimes I won't make an offer to any (if I don't think any would actually be suitable for the role). Wasting someone's time would be bringing them in for an interview when there was zero chance of them getting the job. Sounds like you had a really good chance and it unfortunately didn't work out this time, but your time was NOT wasted.