The final project is something you'll have to come up with and develop over the course of the semester. It can be anything, as long as it's illustrative and conceptual. It doesn't have to be an illustration, it can be a zine, a digital project, or even a 3d object. Think of it as a preparation for your thesis project—take time to consider what you want to do, but don't neglect it until the end of the semester. The initial ideas are as much a part of the assignment, as the final project, therefore a single good idea accompanied by two throwaway concepts is not ideal.
Prepare a few ideas for the final assignment—they don't have to be formally presented, but you should have a clear idea of what you might do at this point. At least three concepts will be expected from you at this point.
Your formal presentation of three pitches must include thumbnail sketches, mock-ups, and other material that can help imagine what the final project will look like.
During the sessions dedicated to the assignment bring your tools and work in class. Time management is an essential part of the assignment: you are expected to create your own schedule and stick with it. An unfinished project will be considered a failure, so plan your work ahead, taking account of your work routines and abilities. You are more than welcome to break from the regular routine developed in the class if your project justifies it.
Format: whatever makes sense