this is a term that has been showing up very frequently in the youtube comment section. You can find at least one person saying this under any video on youtube. This is usually said when a video is deemed by the person to be much better than listening to justin bieber's music.
msstacybieber: i hate this video they totes make fun of my precious justin.
A phrase learned growing up in wisconsin. Not sure of its use outside of that illustrious state. Means that something is not so great, but it could be worse.