It depends on the context. for example: i pass the exam with flying colors - я сдал экзамен на отлично. Here "отлично" means to get highest grade. Great! I like that idea. - Отлично! Мне нравится эта идея. Here it means agreement and full approval. Fine, do as you wish. - Отлично, поступай как считаешь нужным. Here it is the same but the negative nuance, just shows your irritation.

There is one more meaning of this word, it is used not so often: отлично — not like something else, dissimilarly, непохоже, отлично — отличается от других e. g. Он ведет игру отлично от других. — he plays not like others http://dic.academic.ru/dic.nsf/ushakov/911346 он выглядит отлично от своих товарищей — he looks not like his friends but this meaning of this word isn't used so often

It translates to great, excellent. In my native language it's "odlično" and my language is in the same group as Russian so it translates to these.

"Отлично" is used either to talk about the "highest grade" which is equal to "A" at exam, or as an expression meaning "Great!"

Отлично = perfect, superb = kusursuz =ممتاز