What is penultimate?
I had to look it up and found this :)
Definition of penultimate 1 : next to the last the penultimate chapter of a book
So Last but not least....
Steven Parker179,801 Points
Literally (as used here) it means "second to last". But in street speak it takes on the meaning "second to none" or simply "the best"; probably due to confusion with the word "ultimate".