I caught a nice blog post about Beta readers by Sarah Hoyt. One bit in particular I want to quote:
It brought home to me again that writers talking about writing, and lay people talking about writing mean completely different things.I would add to this that reviewers and critics, often treated as one and the same, but their roles are different. Also, they don't talk about books the way writers or lay readers do too. It's complicated, and if you're interested in the writing process I would recommend going off and reading the article.
My stance is that editing a story that doesn't work is a waste of time, because all you end up with is a polished turd, which is a thing as can be seen in the YouTube link above.