some may say this word means the shit. however, that was the 80's. my band means it as cool, or awesome. shiznit is a stupid mispronunciation of this word and anyone who says it should becondemned to a life of misery.
If someone says to you that you're the "SHIZNAT," it means you are amazing. You are way above average. You step it up and get it done. You are hella cool. You are always up for the task/challenge and never complain.
Grayson, you are the SHIZNAT for bringing booze to my party. Henry, you are the SHIZNAT for taking on all the extra work and getting it done.