I always thought Demos were like rought drafts but I have listened to a lot of bands who call it a demo but it sounds very polished. I have also heard demos that sound like they were made in the garage.
For example http://www.myspace.com/adelitasway
there songs are demos but they sound cd quality. What is the exact meaning of Demo in terms of music?
Then I am assuming demos are mixed but not mastered?