Too clever by half

I lifted this definition from an online dictionary of idioms. Does it resonate w/ your understandings of the phrase?

too clever by half(adj) :(Br)too sure of one's intelligence in a way that causes displeasure to people.

I'm wondering if anyone knows the origin and precise meaning of this phrase.

I am under the impression that it means something like going beyond the proper point of terminus, or in conversation, supporting an argument with a premise that proves too much, i.e., it is too "clever," and in fact backfires.

Please let me know your thoughts on the phrase, and where I might research it.

Thanks