I'm in the first pass of a modified
one-pass revision.
First, I do edit as I write, for grammar, spelling, etc. Little plot things I add as I write, but I don't kill myself editing, though I try to get as much right the first time around.
Then I printed it, and made notes (in red, because it's motivating) as Holly says.
Then I either c&p the original chapter and line edit, or rewrite passages that are a hot mess.
When my brain is melty, I just do a search for extra, crappy words: that, was, were, etc.
Once I finish doing this and polishing to the end, I'll do one more pass using
Maryn's little smash-edit list, and tweak a few words, but no major plot or character revisions.
THEN it'll go to betas and I'll ignore it for a bit. (I started revising immediately, like, literally minutes after finishing the first draft, but this doesn't work for everyone.) Once I get word back from betas, I'll tweak things that are common hang-ups, and do a final once over, then it's off to agents.
I started writing this on Janurary 19th of this year and it should be ready to query by the end of April. I have only done like 3 loads of laundry in that time, though, so, you know. It's okay to pace yourself.