Why do we run a System Demo when we’ve just done a Sprint Review or Iteration (Team) Review?

For many people it seems like we are doing double duty when we run both an Iteration (Team) Review and a System Demo; aren’t they showing the same things? While there is clearly a relationship between is what being demonstrated at these events, the focus for the Iteration (Team) Review and the System Demo is different; Iteration (Team) Reviews demonstrate “done” user stories while System Demos demonstrate “done” features. This has several implications: