Nonsense, either inaccurate statements spoken out of ignorance rather than deception, or irrelevant statements spoken to avoid answering a direct question or to divert the conversation. : see bullshit.
Appearance, as in: "You look like horseshit". In Kodak Moment, Ned Gardner says "You look like horseshit", referring to one's appearance. One would not say "you look like bullshit". This is the difference in colloquial use.
Expressing how one feels: "I feel like horseshit". Again one would not say "I feel like bullshit". However one could say I feel like.
Taste, as in: "This beer tastes like horseshit". One could say this beer tastes like crap but would not say "this beer tastes like bullshit or dogshit".
Description, horseshit can be used as an adjective to describe a noun: "That is horseshit beer".
Usage
This word is generally used in a derogatory manner and can be used as a noun or adjective. It is often used to dismiss viewpoints one considers to be absurd. Ie. Two guys discussing relativism and Tyrone overhears them and says, "That sounds like a bunch of horseshit."
Usage in media
Horseshit is used in a book about John McCain: "Can you believe this antediluvian horseshit? Robert G. Barrett author of The Boys From Binjiwunyawunya the main protagonistLes Norton was fond of many colloquialisms including "They’re as rare as rocking-horse shit." Dustin Kurtz used the term several times in his Melville House article How to Lay Off600 Booksellers: With a Delicious Dollop of Horseshit about the college textbook industry. He states, "Horseshit is not a lie, it is a gift; in place of a lie, the acknowledgement that you don’t even owe your victims an explanation that approaches the truth."
Etymology
"Horsefeathers" is another variation that U.S. cartoonist Billy De Beck invented in 1928; as another variation of "nonsense". "Rocking horse shit" is another variation, with the irony that it is impossible for an inanimate object to produce feces. It is sometimes expressed as "As rare as rocking horseshit."
Outside of the academic world, among natural speakers of North American English, as an interjection or adjective, "horseshit" conveys general displeasure, an objection to, or points to unfairness within, some state of affairs. It can be also used to refer to how something appears. For example: That looks like horseshit. In this case, one would not say that looks like bullshit. In general, "horseshit" and "bullshit" are used in roughly similar contexts to refer to something as nonsensical, although "horseshit" seems to have a somewhat stronger connotation, with an added layer of loathing on the part of the user that isn't as evident when using the somewhat more neutral "bullshit".