A pun on the term "finger licking good." Used in instances where something edible is quite disgusting and not agreeable to typical "normal" people's taste palette. Can also be used to describe an action done by someone that is disagreeable or shameful.
The selection of food in the cafeteria today is ass licking good like every other day with unhealthy choices and crappy variety.
That was an ass licking good move there kicking that little boy in the nads.