a) People in McJobs who have to wear large gaudy name tags applied directly to their shirts.
b) Euphemistic buzzwords used to describe new fads or trends, such as those in the technology or fashion markets.
Jake: Did you see the oversized novelty name badges those hapless McFonagles employees are made to wear?
Jimmy: Yeah, those are totally lametags.
Jake: Wow, I just heard someone describe the iPhone as a "lifestyle accesory". What a lametag.
Jimmy: Jesus. It's just a mobile phone with a few nice extras! Why do people go so nuts over it?