Ditto, ditto. The kind of feedback you're getting is important too--"thanks but no thanks" is different than "please learn to type before you submit again."
Also, look at the kind of markets where you're submitting. A big part of the publishing game is finding a venue that gets what you're trying to do. If you're trying top-tier journals right off the bat, it's highly unlikely you'll get even any helpful feedback. But there are also some snooty small presses and genre-specific journals.
I think it also depends how much you believe in a particular story. If it touches you, chances are, it will touch someone else eventually, and that's worth keeping up.
Another thing to mention is that literary magazines from colleges and universities often have student editorial boards which change often. If it's been a few years, you'd probably have a whole different set of tastes there.
As much as you can, think of submission as something you kind of do in the background while you do your actual writing.