Neo = new.
Con = conservative.
NeoCon = new conservative.
That's the technical meaning. The underlying meaning is that we're all a bunch of right wing whackos, who place too high a value on life, liberty, the pursuit of happiness, independence, God, truth, justice, and the American way.
That was more or less my understanding of the term and proud to be one. :o) Thanks for clarifying it a little more.