Now obviously shit does not taste good, but in the right context (i.e. not in a live journal entry about walnut bars), the meaning is immediately clear to whomever is addressed. Other profane substitutions in black english include "motherfuckers" as in "Motherfuckers best step off!"
I know that white people trying to talk black sound pretty silly a lot of the time, but lots of black idiom gets appropriated nonetheless. Even my wife Melissa, has taken to saying "I feel that," and "I'm down" from Sean and I.
The attractions of black speech to everyone (or most everyone, Bill Cosby is not, as they say, down) is inescapable. There is a conciseness and idiomatic punch to it. It discards superfluous syntactic sugar in favor of rhythmic integrity. And it encompasses both directness and lateral thinking. A black guy in my old neighborhood in Cedar Rapids, once told me "you been sleepin overtime" in reaction to something ridiculous I'd said, meaning I'd been dreaming too much, believing in fantasies.
In other words, visions of sugarplums danced in my head.