Contrary to what the stereotype would be, it means "awesome/incredibly cool." The opposite of the Hilary Duff ad campaign. Instead of getting rid of saying "that's gay," let's just make it a good thing. Yay equality!
The streotypical gesticultation associated with a homosexual.
the wrist flop (sometimes derogatively referred to as the "fag flop" or the triple snap in z formation are examples of gaysticulation.