But rewatching episodes is still rewatching, no? I usually skip a few eps when rewatching shows and still call it that. Wouldn't watch all episodes and certainly would press the hell out of the fast forward button if I weren't watching with someone who has never watched before.

There are only very few shows I would actually rewatch start to finish. Slings & Arrows is the only one that comes to mind spontaneously. I think skipping the really bad eps and fast forwarding through bad scenes without the fear of missing plot is the beauty of a rewatch.