Just another way of saying something is way fancy or above one's means, or as a way to slam something they wish they had but don't own or can't afford.
1. Look at Wendy with that high falootin' camera. She takes way better pictures than I can with this cell phone camera.
2. Jill thinks she's all that because she's got a high falootin' Fendi bag, but she's still a skank.