Someone or something has "IT" when they have some amazing special quality. Mostly cannot be narrowly defined. Spoken, emphasis is put on the word "it".
She tries really hard to be a model, but she doesn't have IT.
Beyoncé is more than just a singer and actress, she has IT.
You should get that wedding gown. It just has IT.
Man, that guy has everything. He has IT.
A yuppie analog to 'word on the street' A way of conveniently approaching an opinion or rumor without making it sound like you're the only one who thinks it.
Quite possibly the worst way to describe your computer's screen.
Originates from GameFAQs' Random Insanity board, where a Staples employee tells the story of a moronic woman who understands nothing about computers.
Kloo Shanko: "Ma'am, the operating system doesn't affect the size of the screen."
Customer: "But it has Windows Vista!"
Kloo Shanko: "Like I said, that doesn't affect anything, ma'am."