Expresses extensive emotional satisfaction or glorification of any given noun. Often used by those who lack the vocabulary to express the true essence of the situation.
Other meanings: Shit, fecies, poo, doodoo, dung, crap and excrement.
Shiznit can also be used interjectionally.
Generally "shiznit" can be seen as a last resort when all other means of expression fail.
Shiznit! That whip is the absolute and utter shiznit!