As in 'Here is my new kindergarten class, all bright eyed and bushy tailed.' The allusion here is to the appearance of a squirrel, which with its beady eyes and bushy tail looks ready for anything. 1930s
This is wen some thing you have been workin on has major problems with it when it is finished. You stay back and look at it to see if its Cocked Eyed and Bushy Tailed