My editing is split into rounds. My rough draft is just to get the story out. I don't bother editing it until the entire story is done. I might make a note of something I want to change, but nothing gets changed in the draft until I have it complete.
Second drat I make the changes I want to make and keep an eye out for grammatical erros.
Third draft I make sure everything still makes sense and comb through for grammatical errors.
After this I'll usually send of to my beta reader if she isn't busy.
Fourth draft I review the beta reader notes and decide which parts I agree with and make those changes and do my most intensive typos/grammar edit.
It's not often I go past a fourth draft.
It's why post The Love of a Werewolf was a whole new experience for me. I posted as I wrote since my nicely edited and finished draft was lost when my old laptop broke on me. I knew where the story was going at least so I did my best in recreating but I know there are a lot of mistakes in terms of grammar and typos that would have usually been caught in one of newer drafts.