The American Heritage® Dictionary of the English Language, 4th Edition
n. One who is loved.
n. Used as a familiar term of endearment.
n. Informal A person regarded as generous or lovable.
n. Informal Something cherished for its excellent qualities.
adj. Involving privileged treatment of a favored party; illegally or unethically favorable: "another land grab, another sweetheart deal based on political influence” ( Village Voice).