Quote From sneaks:
I think its quite common for you to get a second R&R from a journal, so you get another chance. BUt I've heard people get 2 R&Rs and then a rejection which must be extremely annoying, particularly if you'd revised it specifically for the way the journal wanted it which may not be relevant to other journals.
I have to say that baffles me - if they've asked for revisions, that implies that the article would be suitable if those revisions were made. I did some revisions then got the article rejected, which certainly was annoying! Plus the journal involved, the Journal of Medicine and Philosophy, took an inordinate amount of time to get back to me. It was over a year from first submission before they finally sent me a rejection.