a person says this to show how one apprieciates the other person or object; to show how much they like the person or object.
Chad-"Damn! Yo da best thing since sliced bread honey!"
Betty- "Give me yo numba and u will c the second best thing since sliced bread"

-or-

Tony- Wow! this video game is the best thing since sliced bread!
by --katy- June 20, 2006

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