It’s like saying ‘that’s it!’ but better. Can be used when taking about a place, a person or when you’re agreeing with someone. Adds a bit of pazazz to your vocabulary.
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.
Looking or experiencing something nice after witnessing something horrid like a disgusting gif or a disturbing video. Typically used as eye bleach are nice images of whatever makes the disturbed person happy.