Bee sting venom: a "botox alternative" fact or fiction?

I believe I've read elsewhere that bee venom is the new snake oil - It's widely touted as the new botox alternative, but in reality, it doesn't work.

The newest rumor is that the UK royals are using it, so it must be good - but I still haven't found any studies that show it works, or even explain how it would work.

So is it just more hype in a bottle?  School me, I want to know!

Thanks!