Literally "like a bean," but due to the 'fab' nature of the word, it can be used as an adjective for something cute or fabulous. Could also be used as an interjection.
John: Wow that girl was so fatacous that when she rolled down the hill she didn't stop at the end but went right through the earth and kept falling piercing her way to the other side of the world!
Jim: Wow sounds like a fat ol' bitty!