Every page I write is redrafted. Most of my sentences are, too, but usually as I write them, not much later. There is no one entire novel I've completed that is a first draft. The day I write the last sentence is usually the same day it's ready to go out to my agent. What I'm saying is that I don't write an entire first draft and then rewrite it once it's done.
If that works for you, tomo, then go for it!
If I were to do that, I'd spend years on the first chapter, trying to get it right. I know, because I've been there and done that, and it drives me nuts.
The other reason I don't do it your way is that I don't start with an outline, which means that I don't know exactly what story I'm writing when I start to write. My NaNo novel was supposed to be light fluff with very little in the way of plot and nothing in the way of "message," but it really turned out to be something quite different. If I'd been editing as I went, I wouldn't have known what to put in or take out.
But if you outline, especially if you so extensively, than I can see where your method would work well. I use the same method when I'm writing non-fiction, where I always have a clear idea of exactly what it is I want to say.
To everyone out there, I'd say: Do what works for you. Writing is such an individual process that once you're past the basics of grammar, spelling and sentence structure, no-one can really tell you what to do. You have to experiment and find out what works all on your own.