An ostentatious lifestyle in which physical location isn't important, facilitated by mobile technologies, allowing one to travel as much as they like. This is different from a vacation in that one must still tend to their income-generating responsibilities.
Tim: "Where's Ben?"
Alexi: "He's on lifecation."
Alexi: "Yeah, he's on his yacht in the Mediterranean for 6 months doing all his consulting over a satellite connection!"
Tim: "That sly bastard."