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It is the ultimate phrase that is used to show gratitude towards something of pleasure.
Hey Bob, you finally recieve your welfare check?

Yes and I already spent it on some booze.

That is most excellent!
by Xazer January 22, 2004
A way to describe an extremely awesome state or quality
Abraham Lincoln: Fourscore and...

(looks at his pocket watch)

Abraham Lincoln: seven minutes ago... we, your forefathers, were brought forth upon a most excellent adventure conceived by our new friends, Bill... and Ted. These two great gentlemen are dedicated to a proposition which was true in my time, just as it's true today. Be excellent to each other. And... PARTY ON, DUDES!
by Teeeeeeeeeeee November 09, 2010