Better to overcompensate on polishing than having people complain about bugs like in DAI.
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Last time I checked, after polishing a turd, to everyone's amazement, it still remains a turd.
You need to read between the lines to get a gold nugget or two. "Polishing" is used as a marketing "tell no real facts but use a word that suggests something positive".
So, what can it mean?
1. cut content that broke side quests, information, NPC dialogue, squad banter, irrelevant cinematic content... etc.
2. fixing game bugs
3. combat balancing
4. searching for impossible Easter eggs
5. fixing choices and their effects
6. reviewing and modifying romance dynamics. Does it meet the M rating? What needs to be changed?
7. play testing the game from start to finish. Is it fun? Is combat too hard? Are the difficulty settings OK?
8. testing the GUI on the three platforms
9. working on the CC and hair
10. removing superfluous features to meet game launch schedule.
11. testing game pacing.
12. multiplayer testing
13. discovering more bugs.... etc
Also, of course, actual polishing an innovative but huge old style D1ldo like wood post, in a GIF up thread.