Applies to many things, most of which are either fun, easy, or both (especially in retrospect). Also sometimes sarcastic.
Some things which are FunAndEasy are:
Related concepts include FunAndSomething? (Analysis, of AnalExam fame) and SomethingAndEasy? (ProbStat?). Presumably SomethingAndSomething? also fits, but no examples come to mind (StatMech?)
A quote said by one of the teachers here:
"It's fun and easy. Well, it's easy. Well, maybe not."