When something appears to be enjoyable, interesting, or legit from afar, but after closer inspection, you find that the object or situation is in reality, boring, broken, or just plain shitty.
Ogard: "Hey, want to go to a concert with me tonight?"
Phyllis: "Yeah, sure, who's playing?"
Ogard: "You'll see when we get there."
-at the concert-
Ogard: "I hope you like Fall Out Boy
Phyllis: "This situation is bejapped..."