blake,
First of all, I assume we are talking about a book proposal, not a magazine article.
Following Devin's initial post and yours of today, you ask "just what is the process and will it be assigned to a editor?" Well, no, it won't and shouldn't be assigned to an editor since the writer initially sent his or her query to a specific editor, and same elicited a response for a proposal (as Devin with the senior editor who's involved). If an agent"s involved, s/he does the initial submission and all else which may be called for after that (although the writer has to create what's called for).
Devin's job at this point is to create a dynamite proposal, bearing in mind the wants, needs, and desire of the editor and the publishing house. The proposal is absolutely critical. It will decide whether or not the editor requests a reading of the manuscript. Assuming the editor likes the proposal and the manuscript, s/he may request some rewrites of each. If happy with the rewrites, and believing it's a book s/he would like the house to publish, the editor will prepare a presentation for the monthly editorial board meeting -- where a decision maker from each of the publishers departments will be present (i.e., editorial (including a major honcho), sales, marketing, publicity, subsidiary rights, production, art and creative). If after discussing and analyzing the work, it's a temporary "go," there may be additional revisions the writer has to make. When done, and if the editor is happy, and if the publisher decides to offer the writer a contract, negotiations begin. But the rewriting is usually far from over, as the manuscript works its way down the publishing line. That's really a short explanation of the process.