I also found a few very funny design based quotes on a blog:
You can't polish a turd!: If the concept or design is bad to begin with then no amount of revisions or repurposing will improve it. (My room mate in art school was fond of this saying and so am I.)
FRANKENSTEINING: The process of collecting graphic parts from different design options and compiling them into one new option. What you end up with is a design solution worthy of a mob carrying torches and pitch forks and not good design. (Inspired by weasel marketing people. Big surprise huh?)
Craptacular!: An easy one word critique used to relay your dislike of the work being presented, while still sounding up beat about it. (Inspired by art meeting that catered to the lowest common denominator.)
Serial Design Killers: What you start calling the marketing department when they keep shooting down every original idea or design? (See the pattern yet?)
The client may be King but they're not the Art Director: Listen to your client, take into consideration all their input, weigh the options, study the details, know the target audience and then if necessary ignore all of it and design what you think will work best.
Design-O-Saur: A designer who refuses to embrace digital design methods and trends and is constantly referring to the good old days of colored marker comps and border tape.
Horrawful: A design piece is so bad it cannot be classified into either 'Horrible' or 'Aweful' category by itself but rather a combination of both. In context you could use it in this manner. "Did you see that project he did? It was horrawful!"