All these lucky people with their russian girlfriends.

что лучше всех на свете
What does this mean ? i mean... i know what it says, but does it have a meaning DEEPER than the words ? i have heard this, in about 50 russian songs. I think that свет, can also mean world, as well as light. But i don't know which it means in this case. Anyways, my favorite example of this usage is in the russkiy razmer song Было и прошло! Where he says, "Было и прошло, как всё хорошее на свете." Anyways, what does this mean ?