I guess u need to cash out, and let pro people do the system for you 

eerrr...not sure if they will fail u, mebbe u have to extend 1 more semester (i think so)
or if u really "lucky" they give you MITP, so they give u few more weeks to improve your system..

have you spoken to your supervisor about your issue?

mitp = must improve to pass
so it's considered like a 2nd chance coz when the presentation that time, the panel mau kasi fail dy....so MITP is your last chance to pass.

means you still are presenting your product? that's good, so you still might have a CHANCE to pass

since panel said it's still acceptable but below standard, it now depends how well you present your "product" and answer their Q&A (be prepared to be grilled kao kao since you couldnt present a "complete" product)
worse case, if they are not happy with your "final product", they will give you MITP. if MITP also you cannot satisfy them, then only FAIL. they won't be so harsh as to fail you simply like that...

i'm sure they would have given you the break-down of the marks during the briefing for FYP2...

eg:-
Presentation    - xx%
Q&A                -XX%
Documentation - xx%
etc etc...

if your marks add up to the minimum passing mark, then you'll pass...

i left uniten ages ago but i think they still practise this assessment style..

good luck!