Video editing show/demo reel help

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Joined: Mar 19 2013
This is my first post, so sorry if this isn't the correct subforum.
I'm currently making a showreel, I've read some tips and got some inspiration from other sources...but I'm still not sure on what I should be making here.
What are people actually looking out for in a video editing showreel?
When it's something like VFX or colour grading, well that's obvious; you're looking out for the VFX and colour grading.
But it seems like a showreel is even more obscure than looking out for good editing in a video in the first place.
We all know that 'Best Editing' is quite a tough award to give, I feel like looking at a showreel and deciding which person has the most skill is just more difficult.
I've built the assumption that perhaps people are looking out for a fast paced, interesting showreel...they're not interested in how you actually edited the programmes you're displaying, they just want to see the showreel's editing...I feel like that's a poor reason for making a showreel or getting assumptions from an editor.
I know not everyone makes showreels, what do they do to show to people?