Re: The meaning of fabulous
I agree that "very good" and "very great" are often used to mean the same thing - but not always.
Take the dictionary example:
In 1 (informal), "extremely good" refers to the quality of the performance/cooking/look of the food.
Whereas, in 2 (informal), "very great" refers to the quantity, extent or degree of the wealth/riches/beauty.
A very great [ie extensive] famine would not be an extremely good [ie welcome/positive] thing, would it?
I'm not a teacher of English, but I have spoken it for (almost) all of my life....