The illusion of remembering things from earlier in life in a favorable manner, despite how awful or crappy it really was. Often times, it is the lack of appreciation for quality as a young child to cause this. We grow better taste and judgment as adults, changing our perception of things once liked.
Frequently used to reference older video games, sometimes movies or other media.
Guy: Dude, I LOVED Phantasy Star III as a kid! I remember having so much fun with it!
Dude: Yea, it may have been good at the time, but that is the dud of the series. Just try playing it NOW, it's just the retro goggles fooling you.