I think it really depends on the colors used. If you're using the same
color, or nearly the same, it is probably acceptable. If you're changing
colors, like a dark over a light or vice versa, I think you'll need to cut
twice as well.
We painted a formerly off-white wall deep burgandy a few years back. It
took three full coats, and even after that I had to touch up a few spots.
This was with a good quality Behr paint...