I think it is increasing in terms of intensity. Like others have said, bullies used to taunt in the schoolyard and that was sort of the end of it. Now the bullies have almost 24/7 access to their victims. They text, they FaceBook, they whatever. They are relentless, and it seems that the INTENT in some cases is for the victim to die. Either to drive the victim to suicide or actually KILL the victim.
I think the intricacy of the torment has escalated. Nobody gets called "Fatty four eyes" anymore. The insults are far more vicious and creative, and the tendency to try to convince other kids to also ostracize the victim seems more prevalent to me. The bullies are on a mission not only to torture the victim, but they want to convert all the bystanders into bullies, too.
I absolutely think there are more cases that go unreported than anyone realizes. SERIOUS cases, not just petty stuff.