A technique whereby an audience willingly ignores false or unrealistic elements of some experience in order to enjoy it or to perceive higher-level truths. The phrase was coined by SamuelTaylorColeridge, originally in reference to poetry, but is now used for many forms of art.

Sadly, many audience members lack this skill, and are thus unable to enjoy many books, movies, and TV shows because real-world spies don't act like James Bond, warp drive isn't possible, kung-fu masters can't really defy gravity, etc.  Sadder still, they inflict these "insights" upon their friends and others.
The reverse is also true. For example, needing elaborate special effects to enjoy a movie or electronic game.
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Unfortunately, many software developers and managers engage in this luxury while making estimates or attempting to solve software problems.