Used to describe a person that is an image of perfection - so perfect that they shoot rainbows when they fart!
Appropriate when you feel tired of complimenting someone and want to give them an alternative choice of sweet words
To a beautiful, smart, powerful and successful female who pulls off anything she intends to and manages to be a leader of her time: "You rainbow farters are too good to be true"
When you enter law school: "Well here is a community of obnoxious rainbow farters"