1) Something that is a whole lot better than "fantastic" or even *gasp* "great".
2) A word you can use to sound really, really intelligent, when really it's not intelligent. But you can always confuse the Halleys of the world with it. :D
1) Those Chinchillas are metazmagorical, yo!
2) You: "OMG, I don't like becky, she's too metazmagorical at times."
Halleys of the world: "OMG, you are so smarttttt with those big words! You are, like, a genius...like Bill Clinton ersomething!"