3 edits make a film?

I hope and kind of believe that it takes about 3 cracks at editing a film to get it right. After that the law of diminishing returns tends to kick in, the film will get better but only incrementally so and often further edits just becomes different rather than an improvement. We have just about finished edit 2 and so I hope in a couple of weeks we will be there with the big number 3. Hmmm no doubt my theory is mere pants and soon I'll have to eat my words.