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1.
Ph. Used when something is very good.
"I watched that movie today."

"I know that's the shiz!"
by ?..? August 03, 2007
 
2.
used by people who are afraid to say shit
a substitution for a curse word such as beotch or betch, for bitch.
nerd:have you played that new arcade game yet? its awesome isn't it.
nerd 2:yeah! that's the shiz
by esther ab March 17, 2008