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Literally means "next to last". In street speak it takes on the meaning "second to none" or simply used to describe something utterly appeasing. It is easy to get away with using this word because of it's confusion with "ultimate" by those who don't know any better.
Yiee yiee, this be da penultimate shiee here.
by Patrick January 06, 2004
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2
While usually meaning the second to last, it has also been used to mean the absolute best, or most ultimate.
Lord of the Rings is the penultimate fantasy series.

''V is the most important letter in love, it's like penultimate.''
by Danth0ny April 11, 2014
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