It is disagreed by many how to interpret this term. Some may view it as a modern, pleasant word-play whereas most will elucidate this designation a churning shitpot.
From the PK Dick short story Autofac, where the word 'pizzled' is used to confuse a robot who keeps delivering unwanted milk. Since there is nothing wrong with the milk, the robot will not stop delivering it, even though the humans don't want it. But when the humans say that it is 'pizzled', the robot is forced to fill in a compaint form which ultimately results in the downfall of the robot factory system.
The feeling you get when someone whips out their Blackberry aka crackberry or cell phone and begins having a conversation with someone. It's a cross between pissed off and puzzled.