This phrase, which signifies that life is wonderful, is often used ironically and/or negatively to comment on an unpleasant situation

I just got fired, my car broke down and I'm in the middle of nowhere under a pouring rain. Yeah, life is just a bowl of cherries

Sono appena stato licenziato, la macchina mi ha lasciato a piedi a casa del diavolo e piove a dirotto. La vita è proprio meravigliosa!