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1.
Common use: Covered with a thin layer of gold, a precious metal often used in jewelry.

Slang: Genuine and true, but not in a good way. The mock formality alludes to a professional judgment.
1. Yeah, I know him. He's a gold-plated prick.

2. My car just broke down. I swear that thing is a gold-plated piece of shit.

3. My boss is ok, but his boss is a gold-plated asshole.
by Kevin The Nerd August 15, 2009
 
2.
A term used to describe something as excellent. When referencing a person, however, it means the opposite i.e. they are a knob. Best said with the deepest voice possible.
Chris: Friday and Saturday night at Nelly's was "Gold-Plated".

Karl: Yeah, although I must excuse myself for being "Gold-Plated" when i got locked out of my room on friday night.
by ChrisXL August 21, 2005