An editor’s cut is the start [1]. It's when all (or at least most) of the clay is on the table and where the editing begins. Purposefully, I have left too much clay, and I have left redundant clay, and I have left clumps of clay at the crossroads of a decision. The editor's cut is the point where the director/editor collaboration editorially begins [2]. The shaping of the clay (editing) over time, with much thought and meticulous attention and conversation, comes to rest in its final form…the film. Therefore, the editor's cut is not my thought or take as to the fullest of what the film could be, but a starting point, ideally strongly pointing in the direction of the final film.

[1] speaking specifcially to long form work. Short form ought to be dialed in from the first cut. 
[2] of course many conversations, vision casting, direction, tone and pace setting convos and cuts have happened.