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2.
Referring to objects such as jewelery, cars, or an item of clothing that looks particularly good or fashionable at the time. It is usually rare or out of the ordinary and/or expensive.

It can also refer to drugs that are particularly purer and more potent than is usually readily available to most people most of the time
Yo, look at that Benz...thats the shit
by GAANZ June 17, 2008
 
1.
When something is really cool, awesome, or in someways really interesting in that time
Sort of like "That's what I'm talking about"
-"Look at the Lamborghini, that's the shit"
-"Yeah man, that shit is Legit"
by Arminrmhp1234 July 24, 2009