The Collaborative International Dictionary of English v.0.48:

Magnificent \Mag*nif"i*cent\, a. [See Magnificence.]
   1. Doing grand things; admirable in action; displaying great
      power or opulence, especially in building, way of living,
      and munificence.
      [1913 Webster]

            A prince is never so magnificent
            As when he's sparing to enrich a few
            With the injuries of many.            --Massinger.
      [1913 Webster]

   2. Grand in appearance; exhibiting grandeur or splendor;
      splendid; pompous.
      [1913 Webster]

            When Rome's exalted beauties I descry
            Magnificent in piles of ruin lie.     --Addison.
      [1913 Webster]

   Syn: Glorious; majestic; sublime. See Grand.
        [1913 Webster]

WordNet (r) 3.0 (2006):

magnificent
    adj 1: characterized by grandeur; "the brilliant court life at
           Versailles"; "a glorious work of art"; "magnificent
           cathedrals"; "the splendid coronation ceremony" [syn:
           brilliant, glorious, magnificent, splendid]

The Devil's Dictionary (1881-1906):

MAGNIFICENT, adj.  Having a grandeur or splendor superior to that to
which the spectator is accustomed, as the ears of an ass, to a rabbit,
or the glory of a glowworm, to a maggot.