Jargonwatch: It's All Good

Funny, these links say this expression is on its way out; I have only picked up on it's usage (won't use it myself, except sarcastically) in the last year.

I think the quite below captures how I hear it being used:

The phrase continues to be reflexively used in the rap world, and it has now been adopted ironically by upper-middle-class white people, in whose parlance "It's all good" is usually a way of preëmptively closing a conversation--a discussion of the final episode of "The Sopranos," for example--and segueing to the next topic: where to find the best sushi in the East Village. But the most widespread use of "It's all good" seems to be among people who have recently discovered yoga and meditation. For this demographic, "It's all good" has become a kind of New Age, neo-Buddhist mantra, one with a peculiarly American flavor of optimism.

Assessment: very unfavorable, no good usage.