Let me add that I consider it to be level 3 for PG texts which have been manually typed in or scanned. The reason I consider this level of proofing to be necessary to get an absolutely "correct" text is that, unfortunately, it's not at all uncommon for the older PG texts to have words, lines, or even whole paragraphs missing from them, and the only way to detect this is to do a careful line-by-line comparison with a printed source or a scanned image ("Google Books" has helped enormously with this).
Obviously for a text which has been created electronically, such considerations don't apply.
One thing which one quickly discovers is that, even with the "classics", such as Dickens, there are considerable textual variations between different editions of the text, and so one of the first things one needs to decide is which version one is going to proof against. With Dickens, I regard the "Oxford Illustrated Dickens" to be "definitive", and proof against that.
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