The Collaborative International Dictionary of English v.0.48:

Excellent \Ex"cel*lent\, a. [F. excellent, L. excellens, -entis,
   p. pr. of excellere. See Excel.]
   1. Excelling; surpassing others in some good quality or the
      sum of qualities; of great worth; eminent, in a good
      sense; superior; as, an excellent man, artist, citizen,
      husband, discourse, book, song, etc.; excellent breeding,
      principles, aims, action.
      [1913 Webster]

            To love . . .
            What I see excellent in good or fair. --Milton.
      [1913 Webster]

   2. Superior in kind or degree, irrespective of moral quality;
      -- used with words of a bad significance. [Obs. or
      Ironical] "An excellent hypocrite." --Hume.
      [1913 Webster]

            Their sorrows are most excellent.     --Beau. & Fl.

   Syn: Worthy; choice; prime; valuable; select; exquisite;
        transcendent; admirable; worthy.
        [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Excellent \Ex"cel*lent\, adv.
   Excellently; eminently; exceedingly. [Obs.] "This comes off
   well and excellent." --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

excellent
    adj 1: very good;of the highest quality; "made an excellent
           speech"; "the school has excellent teachers"; "a first-
           class mind" [syn: excellent, first-class,
           fantabulous, splendid]