Bunch Of Guys Sitting Around Talking refers to regularly scheduled daily/weekly worthless meeting. During BOGSATs, typically nothing of value tot he organization is accomplished nor comes from it... except wasting time and (usually) expanding someone's ego.
"I'm enroute to 1500 BOGSAT."
Short for Bunch Of Guys Sitting Around a Table. Usually referring to meetings or decision by committee.
Dil#1, "Man, that's fucked up. Who tha fuck came up with that?"
Dil#2, "Man, you know. The same as always, BOGSAT."