Rough cut
The first assembled version: structure in place, polish deliberately absent.
A rough cut has the story in the right order and roughly the right length. It typically has no colour grade, placeholder or scratch audio, temporary music, and no graphics.
What you're reviewing is structure: does it hold, is it the right length, is anything missing, is anything in the wrong place. Those are the only notes worth giving at this stage, because they're the only ones that are cheap to act on.
Notes about colour, typography or mix on a rough cut are wasted twice: the work hasn't been done yet, and giving the note now means giving it again later. If a rough cut looks unfinished, that's the format working correctly.
Where this comes up
Notes against the brief, at the right stage, from one voice. The three rules that turn a review round from an argument into a version.
Two rounds is usually right. Why projects need five, how to consolidate feedback so an editor can act on it, and what to do when a late stakeholder appears.