When things are OK. Not great but not shitty either. Short for satisfactory but shortened for ease of speech or writing.
Used in F700's to denote a functional check was satisfactory.
Can be shortened to "S", which also stands for serviceable.
Pretty much, if things are ticking along as wanted, or advertised, then you are "SATIS"
Aaron: Hey Malky, how are you?
Functional check of RADAR carried out, "SATIS".
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