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Meaning absolutely awful and most often used when referring to food or somewhere that serves it. Originates from the poor quality of Pizza Gogo takeaways, especially the one near Alleyn's School in London. Pizza Gogo's motto is 'Don't Go For Less Than a Gogo' which some may find comical because the quality of the food and service at Gogo is so poor that anything less would be laughably awful.
John: "Is that kebab shop up the road any good?"

Jim: "Oh no man it's less than a gogo."

by Phaidan October 25, 2006
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