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!"