Schmeat roughly stands for "Cooler than
sweet; better than fake meat."
It is used similar to
sweet, but is used when something needs a higher complement than
sweet/and or fake meat.
That awesome shit that
just happened was fucking schmeat.
"Hey man, I just won tickets to
see your favorite band, and you here's the
fifty bucks I owe you plus a shitload of interest."
(in response) -Schmeat.