1. when a situation becomes sketchy
2. when something/someone is lame or not cool
Derived from situations where using the time as an excuse. Example: Billy, who is collectively hated by most people at the party, enters the party in a loud and attention-grabbing fashion. Party-goers say "Well, it's late, I better get going," when really they just don't want to be associated with Billy.
A combination of two proper phrases, "As of today," and "Lately," meaning an event which recently happened or has been happening repeatedly. Current indifference to butchered English has made its use more popular than the correct phrases, elevating it to more innocuous than similar travesties "These ones" and "On accident."