((what a) show!) •
It's often used by young people when facing something astonishing, amazing, or simply relaxing. It can also be referring to situations of thrilling experiences such as a wonderful sight or a pleasant smell/taste, or when receiving good news. In other words, it can be uttered after experiencing good vibes.
"Domani non lavorerò e potremo stare insieme tutto il giorno." "Spettacolo! Sto già pensando a come organizzare al meglio la giornata."
"I'm not working tomorrow and we could stay together all day." "What a show! I'm already thinking how we should best organize our day."