I actually have two editors and two to three beta readers unless I'm writing sci-fi/fantasy and then I'm down to one editor. I appreciate them in a huge way especially when they challenge me and I can explain or discuss what they are readers versus what I wanted to say. I had to tell you that so I could tell you this.
Each version of beta/editing sees additional work done to the story. So my beta readers see the raw product and sometimes see revisions according to the feedback they give. Editing is a little more fine tuning with grammar and clarifying things. By the time they hit final editing they should really be in pretty good shape especially since my first editor is really good at helping to pare down on unnecessary language. Sometimes a story grows on its own. My final editor had this to say about receiving 'You Don't Know Me' for his red pen:
150 pages! Almost 70,000 words!
OK, I'll do it in bits and pieces as time permits. Don't expect it this week!
Poor fellow. Maybe I should start sending him a chapter at a time on serials?