Superb, excellent, great, etc. 'Lovely Jubbly' was
originally an
advertising slogan for 'Jubbly', a triangular-shaped frozen
orange drink which was popular in the 1950s and 60s. Later popularised by the character 'Del Boy' in British comedy 'Only fools and Horses'.
Rodney: "'Ere Del Boy, geezer
over there says he'll give you a pony for the Betamax video
recorder if you
throw in a case of that Yugoslavian Scotch."
Del: "Lovely Jubbly!"