Wow it gets a lot of google hits for being such a weird phrase. Seems like it usually is used to mean a choice between two desirable but mutually exclusive options. ("New Yorker Nicole Krauss's second novel is ambitious on many levels, especially those of plot and character. It excels in all, presenting that delicious conundrum of whether to read quickly to devour the goodness or to read slowly to make the experience last longer.")
Another source seems to use it to mean an odd or ironic situation:
Larry Neal's hipster love lyric "Poppa Stoppa Speaks From His Grave" exemplifies the other pole of controversy. The poem begins, "Remember me baby in my best light, / lovely hip style and an." The concluding lines, however, include some very ancient and well-known Anglo-Saxon words which liberated black poets felt entitled by heritage to use--words that either delighted or enraged poetry crowds whenever one of us got up to read. It was a delicious conundrum of being avant-garde: African American poets censured for speaking Anglo-Saxon words! 
