This phase is really where the product takes its final form. All content has been approved at this point and all the resulting production work has been implemented across the entire scope of the project.
This is where a very complete testing/proofing phase begins in full force. Depending on how large the project is, this phase can take less than a day or many weeks depending on the target audience and delivery medium.
The project stays in Beta until it is signed off as complete by you.