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A swooning expression of worshipful appreciation uttered by a Distressed Damsel after she is rescued by, well, The Hero. Dates back at least as far as Silent Films, making this trope Older Than Radio, at least.
Once very common, now a Dead Horse Trope. You'll find far more sarcastic and snarky uses of the phrase today than you will straight ones -- and even the straight ones will come with a wink and a nod.
- RWBY: Weiss utters this phrase in an utterly bored and unconvinced manner after Jaune makes an attempt to catch her as she falls from a great height, and instead ends up falling with her. He lands first and badly; she lands on top of him, perfectly seated and filing her nails, and says this line.