No More Lorem Ipsum

You've probably come across the Latin "Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua." text already encountered somewhere.

What does it mean? Why is it used? What are its drawbacks? What alternatives can you use?
Peter talks about the background of Lorem Ipsum, how he uses it (no longer) and shows some alternatives.