In reference to Chris Bangle, BMW's head of bad design. It refers to something that was great, but has been reworked into something new and horrible which doesn't represent the previous version's awesomtude.
I'd buy a BMW 5 series, but only if the new versions weren't so Bangled.
New Coke was seriously Bangled.
a pair of friends(usually girls) who one usually prefers smoking marijuana and the other prefers drinking alchohol
both love to go clubbing and have sex
stoner-"hey lets go smoke a bowl then go to daddy rocks tonight"
drunk-"how about we go get some bacardi gold then go to daddy rocks tonight"
stoner'"huh?"
drunk-"yeah, sure?"