adj. The best something could possibly be. Specifically to a man as it refers to a man's two most favorite things in life. Ultimate. Insanely awesome. Cray Cray.
Dude, that guitar solo you just played sounded tits-bacon.
Man this beer tastes tits-bacon!!
Mostly of australian origin, describing someone female, who is atletic and crispy. Therefore the breasts are more muscular and firm, "draind of fat" like cooked bacon.
-Yo mate, look at that bacontits over there on the surfbouard. I bet she is not just hot, but has also a degree in dentistry or somewhat...