The French, collectively, as a people.
From the Simpsons, said by groundskeeper willy when substituting for a french class,

In the singular usage it more generally refers to a person holding French citizenship. More specifically, to a Frenchman holding an opinion that is deemed (by the listener) as unsupportive - especially regarding foreign policy or military matters.

It refers to the supposed cultural habits of Frenchmen - cheese eating and surrendering when any slight agressive action is taken towards them or their country. It is considered perjorative in any sense.

Ignoring all the other definitions linking the phrase to the simpsons.

The Phrase was originally used by an American General in WW2 to describe the French and did not magically spring to life during the mid 1990s.

Just to corrent all those who beleive everything they read on the web

a frenchman, esp. soldier.

An accurate description of the French today, coined by the famous American cartoon, the Simpsons.

Basically any member of the self-proclaimed "new" Democratic Party, who blames Bush first and the American serviceman second... or at least far before an Islamo-fascist terrorst.