I first encountered the acronyms “LGTM” and “SGTM”—“Looks/Sounds Good To Me”—at work. I'm sure that plenty of people elsewhere use them, but I don't see many instances of them on the public web, so I wanted to post about them here to encourage wider use.
They're used in all sorts of contexts, wherever the full phrases might be used. If someone suggests an idea or a plan, and you want to succinctly express agreement and encouragement to proceed with it, you can write SGTM. (Another way to express agreement with an idea or an expressed sentiment is to write “+1,” but I'm less fond of that.) If someone puts together a mockup or a document or a piece of code, and you've looked at it and it meets with your approval, you can write LGTM.
The phrases can imply that you have nothing further to add, or they can be a starting point: “LGTM, but before this goes live, remember to change the placeholder usernames. And you might want to run it by the Trademarks people.”
I don't think people say these terms out loud very often, but if they did, I assume they would be pronounced as the series of letters rather than trying to make it sound like a word. I suppose saying the letters aloud would usually be the same kind of semi-ironic emphasis as people saying “Double-you tee eff!” or “Oh em gee!” aloud.
Outside of work contexts, I often find myself writing “Sounds good,” and sometimes I'm tempted to just write “SGTM” instead. But doing so would require writing up an explanation of the acronym, which would be much more work than just writing “Sounds good,“ so I refrain. But I'm hoping that if these terms come into wider use, I'll be able to use them without explanation.