Having been proved one may use the term to describe the intensity of an elevated or confrontational situation. Prior to the use of Michelle Kwan as an example, it may have been appropriate to use other words to measure the situation, such as "donkey kong" or "Vince Vaughn". However, upon the realization that Michelle Kwan made some "real sacrifices" to get where she is, it is more than right to use her name.
Guy #1 "You Want some of this boy? Huh? HUH?"
Guy #2 "No, I don't think this is something you or I want to do..."
Guy #1 "Oh Hell no! It's On! It's on like Michelle Kwan!"