Reply #12: He's uses it in a bunch of different contexts.

[Guaranteed]

It actually IS funny because he keeps changing up the meaning of it, depending on what he's talking about. He usually follows up a bit or two with it every five minutes or so, and every time he says it he's implying something different.

I wish I could give an example to illustrate, but I can't remember any of his bits.

On edit: It's really a pretty clever phrase (pliable enough to use with regard to any topic) and comedic tactic (one that I've actually never seen before- making a CHANGING running joke with a three word phrase).

Wish I'd thought of it myself.