Chip fat, for example, wonderful thing (3,5)

I believe the answer is:

hot stuff

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'thing' is the definition.
(I have seen 'Exciting thing' mean 'hot stuff' so perhaps 'thing' could also mean 'hot stuff')

I don't understand the rest of the clue.

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(Other definitions for hot stuff that I've seen before include "blue movie" , "Something outstanding - vindaloo?" , "Something sensational, daring or erotic" , "Dish" , "cayenne, perhaps" .)

I've seen this clue in The Telegraph.

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