Its pretty much the translation of beautiful or fucking great in gopnik terms ( see life of boris videos for more insight on gopniks)
Blyatiful can also be used for complimenting a gopnitza
"Bountiful Harvest"
A large spread at a dinner table.
A large gathering of people at an event, that usually involves fellowshipping.
An large sum of homework.
A large amount of produce at a farmer's market.
A successful purchase of many useful items that provoke a sense of pride and accomplishment.