a thing, person, or place that is considered neat or fun

well known phrase used in the movie Anchorman when Ron is celebrating a good news broadcast. commonly used as an expression of extreme joy when trying to refrain from vulgar language.

A phrase that very few slightly old fashioned "nerdy" people use to simply say "Oh, neat!".

Or...
A phrase used by losers when something is unusually cool.

Something that is neat like cheetos

A phrase used to describe things that are completely and totally awesome.

An interesting, kid-friendly way to say something is "cool" or "neat." If one were to use this expression in front of one's friends (especially if one was male), one would probably be called a fag, gay, or queer, although I might not agree with them.

Neato- an extremely awesome situation that needs to be capitalized by an exclamatory phrase. In place of "super cool" or "awesome possum."
Freato-often used after the word neato - to add extra emphasis on the neato-ness of the situation. Neato can be used by itself, but freato cannot.