Definition
Alternative form of greatest thing since sliced bread.
How People Actually Use It
a person says this to show how one apprieciates the other person or object; to show how much they like the person or object.
"Chad-"Damn! Yo da best thing since sliced bread honey!" Betty- "Give me yo numba and u will c the second best thing since sliced bread" -or- Tony- Wow! this video game is the best thing since sliced bread!"
Source: Urban Dictionary