The ranking system is as follows (from highest to lowest):
Starred First Class Honours
First Class Honours
Upper Second Class Honours
Lower Second Class Honours
Third Class Honours
In a way, getting a "tutu" is a lot worse than getting a third or a fail. In order to get a third, you will need to have done absolutely no work all year, and turn up to the exam and scribble a few incoherent sentences. To fail, you need to do no work all year, smoke lots of pot, get drunk before the exam, and turn up to the exam and hand in blank sheets of paper, or not turn up at all. Getting a tutu means that you tried, but you are just completely retarded.
John: Emma is wearing a tutu. She's not a ballerina, so that means she must be a cool person. I wish I had a tutu.
Passerby: Don't we all.