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1. sliced bread
The best thing, well, ever!
(blank)is the best thing since sliced bread!
2. sliced bread
The benchmark against which all human endevour since is measured.
This home bread-making machine is the best thing since sliced bread!
3. sliced bread
the best thing since the printing press.
1500's guy: "thats the best thing since the printing press."
Now: "thats the best thing since sliced bread."