The best summary of the word that I've seen is that its a lot like "gringo". Its status as pejorative or descriptive or even endearing depends on how it's said

The best summary of the word that I've seen is that its a lot like "gringo". Its status as pejorative or descriptive or even endearing depends on how it's said and the context in which it is said and on the person saying it. World of difference between "ey gringo, since when you drink tecate" and "what you doing in our neighborhood gringo".