It means that something that was once accepted Gloranthan lore has been erased from existence or changed because Greg has changed his mind. Sometimes it's a big change, sometimes it's a small change but it happens all the time.
See http://www.btinternet.com/~nick_brooke/rants/gregged.htm and points 2 and 10 of Nick Brooke's 10 things I hate about Glorantha http://www.btinternet.com/~nick_brooke/rants/hate.htm
The proper response to being gregged is to hold tight to what you love i.e., metaphorically hugging it to your chest while in a fetal position and mumbling Mine over and over again while gently rocking.:- )
Or bitching about it on the Internet:-)
Oliver
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