I always thought this meant enjoying something without any negative side-effects. Eating a cake is good experience but doing so in an unhealthy action. Therefore to "have your cake and eat it" would be getting to do something pleasing but not having to face the consequences. This is just my own opinion based on the context I've seen it used in. It seems like the other answers are more correct but I'd thought I'd throw this out there.supersupersuperguy said:I've never understood what it meant to "have one's cake and eat it too". I mean, what else are you going to do with a cake? A cake is functionally useless if you can't eat it. Unless, of course, you're going to throw it at someone, and I'm sure not going to do that. It's my cake! I have it and I'm going to eat it, too!