I learned a long time ago that if a finish is to be built up and the end result is to be matte, satin or flat (with wood grain showing through), do the first coat layers in gloss so as not to hide or make the grain look "foggy" or indistinct. Only the final coat or two should be the matte or satin or flat.
The particulates in matte/satin/flat finishes will "build up" along with the finish itself and you run the risk of dulling the pretty grain. Gloss finishes don't have those particulate ingredients, so you have a better result by waiting to apply the non-gloss finish as the final step.
Naturally, a very light sand between underlying coats is advised.
-ShopBot Buddy PRSAlpha CNC