Pretty good, or at least decent, but far from the best ever. Usually about a 6 out of 10, but can be used figuratively to mean much worse.
Rick: "Oh man this crack is alright, but it's far from the best I've ever smoked. Nothing to write home about."
Steve: "Shut up dogg what are you talking about? This is some quality shit. I'm definitely going to tell my mom what good crack I've been smoking in my next letter to her. She'd really be proud of me for smoking only the best crack."
Rick: "Word on the street"
Steve: "Shit man I was wasted last night. What the fuck happened?"
Rick: "You went off with some whore, dogg. Where did you wake up?"
Steve: "In the alley behind that strip club. How was she?"
Rick: "I don't know, man...nothing to write home about."
Steve: "Oh shit, you serious?"
Rick: "Yeah playa, that's rough."
Steve: "It itches. Not a good sign."
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something that is of no significance
Their cake was okay but was nothing to write home about.
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