The phrase "fancy shmancy" means something that is unnecessarily decorated or pretentious. It's used to show sarcasm or to downplay the importance of something that appears fancy. Full definition
I am sure there's some really fancy shmancy tool just for glazing chocolate on orange peels... but let's be real, I used a wine bottle as a rolling pin this past weekend... clearly this was a make - it - work kind of project. (hungryhungryhippie.com)