Use 'this is it' when the outcome is very important and can change the situation drastically. This is it, the final interview for my dream job.
Pro Tip 2/3
Tension Increase
The phrase often adds drama, indicating a tense, pivotal moment has arrived. As the goalkeeper prepared, everyone knew this is it, the deciding penalty.
Pro Tip 3/3
Narrative Climax
It's common in storytelling to highlight the climax or a turning point in the plot. As the hero faced the villain, he whispered, 'This is it.'