Of a nature of times past. Rarely replicated in our modern world. Folksy. Often this term is used to describe some thing or process that is not modern. However, it can also mean something that is of uncompromising quality.
Person 1: How come your contractor doesn't use a nailgun to frame? Why does he insist on using his hammer?
Person 2: I guess he's old timey.
Of a crappy nature; not refined or developed; poor quality; shoddy
I only got to first base with my Old Timey date last night.