It refers to any film where millions of dollars and countless hours are spent producing a visual and technical triumph built around a screenplay written by a 7 year old paste eater. Or simply pretty without substance.
"That movie was beautifully shot but was pretty Avatarded." or "My last girlfriend was a total Avatard."
Inspired by James Cameron's recent epic, "Avatar," Avatarded is an adjective used to describe a situation, person, place or thing that has reached a level of such complete retardation that it can only be described as exquisite or the first of its kind. Can also be used to describe something so new (such as Avatar's groundbreaking technology), that the reality of it is stupefying and leaves you dumbfounded, retarded, or...Avatarded.
"Dude, remember in the movie when the avatar-marine tamed that crazy, flying beast dragon and hooked up to its brain? That was totally avatarded!"
"The band played a 2 hour encore last night! That was, like, complete avatardation!"