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I was completely unfamiliar with this term before running into it on the internets (mostly because letters aren't usually used to evaluate stuff in my language), and assumed it meant something like games that had an average review score of 90+ and sold over a million.

Using this logic, I interrupted a discussions of Sony fans by notifying them how the PS3 has no AAA games. As you can imagine, the results weren't pretty. =P

After that I've figured it refers to the very best games of a console, regardless of all other criteria. Probably slightly more to stuff people are really looking forward to and "know" they'll be good, rather than surprise hits nobody saw coming.