Yay!: A yay is a great film, worth anything from a rental, a trip to the movies, or the selling of an organ just to bask in its presence (You'll usually be able to glean which from the review).
Nay!: A bad movie. I'm a pretty positive guy when it comes to movies (AKA I love too much and forgive too easily), so there aren't a lot that will probably merit a mention here. A Nay! means that should not watch this movie, and stop being friends with anyone who recommends it to you. Generally, I'll try to give a reason why it merits such a negative vote, but sometimes, if I'm rushed (unlikely) or feeling childish (more likely), I'll just give a sarcastic remark. But, you can probably expect the ratio of Yays! to Nays! to be something like 7-1...maybe worse...or better depending on your point of view.
Meh: A Meh is for a film that really isn't good, but it's not...you know...evil or offensive. It's such a lack of enthusiasm, you'll note, though, that there isn't even any sort of punctuation on the end. Just a meh. If a movie rates a Meh then you don't have to turn the channel if nothing else is on, or get angry if friends insist on seeing it, but it didn't do much for me, and, thus, I believe, with my over-inflated sense of being a film dork, it won't do much for you.