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I've always found AAA a pretty puzzling term, especially since it isn't used in my native language at all (school grades and such are done with numbers rather than letters in Finland).

For a while I figured it meant something like "rating 90+, sales 1M+", which seemed reasonable enough. However, that would've lead to the inevitable conclusion that the PS3 got its first AAA title in December 2007, but people were using the plural "the PS3's AAA titles" way back in the summer.

After more thinking/lurking it seems people are using it mostly to refer to a given console's/generation's/whatever's very best games, best being intentionally vague here.