I think the true test of a 48 Hour Film in strictly filmic terms is how well it holds up after the competition, standing alone. If you've made a great film, and it sounds like M1chael has and I can't wait to see it, it'll have a life beyond the competition. You blow them away at traditional festivals with your awesome movie and THEN you blow them away again when they learn it was made in 48 hours. But the competition itself (at least in areas apart from Hollywood) is more like playing kiddie t-ball on a team with Babe Ruth..."everyone wins, yea! But did you see that one kid who kept hitting home runs? HE'S got a future."
Also keep in mind you can always fix your film after the competition ends...add to it, subtract from it, further clean up the audio. If it's meant to have a life afterwards, you can tweak it forever. I'm still tweaking my entry from last summer before entering a few festivals this summer.
Challenge yourself, get it done before time expires even if it could be fixed further, see what magic you can make according to their rules.
Also keep in mind you can always fix your film after the competition ends...add to it, subtract from it, further clean up the audio. If it's meant to have a life afterwards, you can tweak it forever. I'm still tweaking my entry from last summer before entering a few festivals this summer.
Challenge yourself, get it done before time expires even if it could be fixed further, see what magic you can make according to their rules.