Fantastic is not necessarily excellent or outstanding and German has other words for fantastic. http://dictionnaire.reverso.net/anglais-allemand/fantastic
"Ausgezeichnet" does not have anything to to with drawing. Although "zeichnen" means "to draw", "auszeichnen" means "to award", "to accolade", "to signify"* etc. [always positive connotation]. A literal translation of "Dein Deutsch ist ausgezeichnet." would hence be "Your German is accoladed." (Native speaker)
- "Das Zeichen" means "the sign".
That is one of the reasons that I use the dictionary above. Your dictionaries give too many options for each word and not enough examples of the words being used. That makes it hard to tell which words would be commonly used for which words. The examples are what are invaluable. Here is another which explains that there are two possibilities for superb when the meaning is excellent: ausgezeichnet and hervorragend and there are other words for other meanings of superb. That is why it is not the best translation. If something is excellent, than it could be considered superb; but if something is superb, that does not necessarily mean that it is excellent. It is one of the reasons that I look the words up from both directions. http://en.pons.com/translate? Oh, this site requires you to type the word in yourself and press the search button. Check superb. Then check ausgezeichnet.
Toll is terrific and there are other words for that as well. http://dictionnaire.reverso.net/anglais-allemand/terrific
There are other German words for that. http://dictionnaire.reverso.net/anglais-allemand/awesome
"Ausgezeichnet" is used here as an adjective referring back to the subject as a predicate adjective. Predicate adjectives are not declined. The adjective would have been declined if it had been in front of the noun. You may be confusing it with the verb "auszeichnen" which is conjugated. http://dictionnaire.reverso.net/allemand-anglais/ausgezeichnet http://www.canoo.net/inflection/ausgezeichnet:A http://dictionnaire.reverso.net/allemand-anglais/auszeichnen http://www.canoo.net/inflection/auszeichnen:V:haben