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More "urbanized" form of the shit. Basically means really, really good. Other versions include:hella cool,tight, the best.
Damn Tony! Your new ride is the shiznit! Lemme borrow it to drive by Mya's.
shiznit by Marimar June 10, 2004
adj. 1) the best; 2) the greatest, in a certain category or universally; 3) gaddam' phenomenal, bi-atch!
Master says, "I'm the shiznit! Hell'z yeah!"
The shit, the best, awesome, sweet
shiznit by Chaz December 4, 2003
A unit of shiz
S: Yo, how much useless shiz you got lying around here?
V: About 10 shiznits
S: Cool
Shiznit by Mr.Shiznit December 18, 2012
An amazing thing, the best.
Shiznit by blissey baby April 24, 2003
when something is so cool. or off tha chain. Another word for shit. Made popular by Snoop Dogg.
Nigga1: "Yo you like ma rhymes?"

Nigga2: "Damn fool, yo lines is da shiznit!"
shiznit by eastside4life June 27, 2006