Mountain biker's term used to describe a new purchase, usually frivolous, expensive or blinged-up. Commonly used to describe a new bike bought to replace one that is already of an extremely high Calibre.
Owners of fancydan bikes often believe it will make them a better rider and improve their 'shredding' abilities, thus enabling them to 'send it' harder.
"Oh look, there's another ex-Nutter sending it on their fancydan bike!"