Was just browsing a typegeek blog and came across this interesting bit of text from someone who's clearly a little older and out of the loop of younger people's terminology, nevertheless he isn't afraid to admit this...
'When faced with the task of describing what Matthew means to the field of typography, the usual glowing adjectives and substantives naturally flow into one's mind. One of the best of these comes, we confess, not from the two of us, but from one of those aficionados of whom we speak. You see, after the Minneapolis conference, a survey was sent to all of the attendees, to which one of whom responded in the general comments section, in large caps, MATTHEW CARTER IS THE SHIZNIT!!! Upon reading this comment, we apprehended immediately that this was an expression of considerable appreciation and awe, but we admit that we did not quite know at the time just what SHIZNIT meant.
So we did a bit of research, and we found that SHIZNIT has a dual etymological path. The first, Yiddish: provenance otherwise unknown, but meaning "the best." This survey respondent clearly meant to tell us that Matthew Carter is the best, and we couldn't agree more. Interestingly, the second etymological path has a markedly shorter, but much more recent, and complete, history. Date of inception: 1993. The originator? An entertainer who is likely known to many of us: One Snoop Doggy Dogg. Translation: The Shit. Truly, Matthew Carter is the shit. And we mean this, of course, with all the admiration and respect in the world. His contributions to the typographic arts are unparalleled, and his legacy will endure forever.'