An electronic form of expressions in which faces such as ^_^ are used by using a dash, hyphen or period for the mouth and a wide variety of characters for the eyes.
The faces can range from happy to surprised and it is most commonly used by anime fans. All of them exaggerates in facial expressions as most anime shows do.
A brief list of expressions include:
^_^ = Happy
O_O = Shocked or surprised
^o^ = Laughing
@_@ = Confused
-.- = Sad, disappointed or embarrassment
-.-* = Angry
O.o = Raising eyebrow.
oO_Oo = Blushing.
These, are only many of the hundreds of possible expressions you could find and create.
Animefanatic1: Is Sasami from Tenchi Muyo! cute or what? ^_^
Animefanatic2: Nah, I've seen girls who are much cuter than her.