kitsune9
Adventurer
Firstly, it's definitely not an insult or other form of pejorative. (Unless, of course, I use it in the context of D&D Next... but I simply don;t comment on that any more because I cannot make a positive contribution.)
Secondly, I don't know where it originated.
Thirdly, it describes how many of us have attempted to design our own version of D&D with elaborate clones of the core books etc... and it often seems to just end in something resembling heartbreak.
Ron Edwards wrote two articles called Fantasy Heartbreakers and More Fantasy Heartbreakers. I tried to look for the articles, but the links are dead. Maybe someone could post the links. They are interesting to read and there are pit traps to avoid when doing game design (how this links to the current topic). However, I did find some discussion about it on this link:
http://www.indie-rpgs.com/archive/index.php?topic=17740.0
It is meant kind of like an insult, because it comes down to being a D&D knock-off when the game designer claimed otherwise
I think a more accurate way of describing it is how an author is claiming that their fantasy game is different or better than D&D, but in fact just reads and plays like D&D with some house rules. It's considered derivative.
In the end though, there are some games that are fairly derivative, but the style, presentation, and setting makes the game. Secondly, it's a subjective beauty in the eye of the beholder term. What may be unique and awesome to you may be an old hat cheap knock off to someone else.
Happy Gaming!