This phrase is often used to in recognition to others in conversation. It is used positively.
It is not said often with a questioning tone, however when it is, it can mean "really?"
Person#1: I've been out all day today
Person#2: Is it?
The Urban Dictionary Mug
One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.
Buy the mug