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What is a toss-up?

What is a toss-up? Here are some definitions.

Noun
  1. (idiomatic) A decision in which neither choice is clearly favorable or unfavorable, or for which the outcome does not matter.
  2. Either of two outcomes that are equally likely.
  3. The toss of a coin used to decide some issue.
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Examples
Until 1997, leadership of the in vitro diagnostics sector of the medical device industry was pretty much a toss-up.
Many analysts consider the success of United's deal a toss-up, although Colak predicts defeat, based on congressional, UAL labor, and consumer opposition lining up against it.
Whether this is a result of poor writing or poor acting is a toss-up, but let's be generous and blame both.
It was a toss-up, Sport decided, as to who looked more surprised, Cochise or Joe.
It's a bit of a toss-up between DivX and Windows Media Video 9 on this one.
It's a toss-up whether the Landmark Tavern or Keens Steakhouse is closer to the Javits Center, but both are within comfortable walking distance.

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