1. Used as an exclamation of utter disapointment or mild agrivation.
2. A term of extrodinary excitment/happiness. Replacement for such words as 'awesome' & 'sexual excitment' or sometimes even 'fucking sweet'
2:"Going to Bogwash national nature reserve, home of the very last 5 rare and nearly extinct flangurams will be the shniznitz!"
"Man, that chick is the shniznitz. I'd like to get my shniz on with her!"
man a"dude I just won the lottery!"