I would think that it means something like this:
If it's in a song (Panic at the Disco? :]) then it may mean that it's a mock of intimacy, like somebody was dating someone, and going along with the whole I love you thing, and then he/she was discovered in their 'caricature of intimacy' or a fake intimacy. And they did a good job pulling it off.
In the song the band is singing about cheating. It is essentially a criticism of relationships. The line "a wonderful caricature of intimacy" is saying that these 'relations' being had in cheap motels is only a mockery of true intimacy.
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What does " a wonderful caricature of intimacy mean"?
Finally, someone who listens to PATD!
I don't really know, but i'm guessing that it means something like a (good) parody of intimacy...if you get that...sorry, i'm not really good at explaining things.