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A cheese slope resembles a chunk of cheese from a cheese wheel. They happen to also be the perfect size for minifigures to interact with: ‘Lego Cheese Farm’ by AIatariel, http://www.flickr.com/photos/alatariel1181/10582728886/
I've heard variations on "Big Ugly Rock PieceS". However, I've also seen the term used to describe any large piece that the builder thinks has little reusable value due to its shape being pretty specific to a certain use. Obviously the mountain pieces are built to look like pieces of rock. But there's also some tower elements in the Harry Potter sets that ...
As was mentioned in another answer, the cheese slope looks like a slice of cheese at around minifigure scale. This part has also actually been used as cheese in official sets, including Medieval Market Village:
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