1) A manner in which to describe a situation or item most people are familiar with but upon closer inspection - and by comparison - are either simply inferior to other, equally-viable, less-'everyday' alternatives.

2) Generally negative way to refer to something that shouldn't be as hyped as it is.

3) Shitty, overrated, whitewashed version of something.

A casual invitation / threat used by an individual that is not afraid of fucking someone up.