It depends on whose definition you use, but I think a good general idea of it is a big, high quality, fully featured game. As much as I like Nuts & Bolts, I wouldn't put it in that category, and Viva Pinata's just the wrong mindset.
To be fair, I'm not even sure they've tried to make a AAA game since Perfect Dark Zero, but that was in development for like five years and was a total mess. All the talent that was with that studio is gone, either to Free Radical/Crytek UK or somewhere else. All Rare is these days is a mediocre studio with a name that has a lot of history, so what they're working on really shouldn't be exciting to anyone.