interchangeable with the expression "the mutts nuts"
or "when are you having the dogs bollocks lopped off"?
A Television chef might stir the pan, taste the contents, and then look into camera while saying,
"You know, these Korean meatballs REALLY ARE the dogs bollocks"
1) To be the best example of its kind.
2) Dog testicles.
3) An alcoholic drink that can be found somewhere in most pubs or bars in the UK.
"The dogs' bollocks are gone, someone castrated him"
"No-one drinks the dogs bollocks, we just stock it because we like the name."