(noun/adjective) A term used to express something that is good, enjoyable, or of high quality. Can also be used as an adjective to describe something positively.
"The party was a hit, and everyone loved the schmungus decorations and delicious treats."
A hypothetical concept representing everything and nothing simultaneously. Schmungus has no physical form, fixed identity, or conventional state of existence. It is not considered an object, being, place, or idea, but rather the totality of what exists, what does not exist, and what cannot be understood as either.
The term is often used humorously to describe something so undefined or all-encompassing that attempting to define it defeats the purpose of the word.