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It refers to weighing the pro's and con's in order to make a decision about something or determine the outcome of something. Net-net means that both sides would be even.
This may have some secondary meanings, but the original meaning comes from finance. A "net-net lease" is a lease where the tenant has to pay for certain expenses. The lease payment is "net" (no deductions) to the landlord. I'm pretty sure the first "net" always refers to utilities. The second "net" usually refers to maintenance. Sometimes a third "net" refers to property taxes. Whichever "net" applies, the tenant, not the landlord, has to pay that expense.
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