Short for the Latin term: Visio Populi (vision of the people).
Used as a movie reference for ten to fifty million dollar independent feature films that have a kick-ass high component of visual effects or spectacle. Because the vispop film is not created by a huge hollywood studio (where the concept is a sequel, comic book, or other unoriginal property), the story will be great.
Dude, I saw Transformers 8 last night. I'll never get those two hours of my life back, it was so not vispop!