It's one of the greatest myths in Rock history. Obviously Paul is alive and well, but it was a great way that the Beatles found to sell more records. Back in the day everyone was looking for clues and playing the records backwards and end up ruining it so they would buy more records. it was cleverly done, it's obvious that Lennon and the guys knew that they were leading people to believe into something. In my opinion, the most clever marketing strategy ever.
Funny true story. When that garbage "biopic" on George came out recently with George supposedly telling the author garbage about John and Paul, there was a guy at work who watched it and believed every word in it. It was proven that it wasn't even George talking....anyway, my point is that there are STILL people who believe it! Unreal, isn't it?