Replaces any word which is itself a single or group of things or activities which hold non-important or non-noteworthy traits.
Like the 'Yadda-Yadda-Yadda' from
Seinfeld, it cuts to the chase with out
wasting time on the
mundane.
Can be used to describe something excellent and good, but can also be used to describe something broken or lame.
Also used as slang for something illegal such as drugs.