1. n, Simple and prominent distraction.
2. n, Focus of Positive Intent, Happy Thought, Generally good-vibe target goal.
Occasional usage, but widespread among the furry community as imitation of behavior of magpies, raccoons, ferrets, etc.
1. I've got this project that's due Monday, but... Ooo, a Shiny Thing!
2. You may as well admit, now that you've got your new toy, you've found your Shiny Thing.
1) Any fascinating distraction. 2) Something valuable.
Oh look, a shiny thing!