Small, unimportant, or insignificant and may smell like piss. A total
waste of time, especially to someone who see's himself/herself as very important.
Comes from the fact that to
piddle is to urinate and the assumption that piddle is only used when describing amounts of urine so small, one would not likely take the time to
clean it up (think puppies, etc.).
The president would not accept the
piddely offer from the
opposing party; his head was far too large to see the
compromise clearly.