Revision methods

An open question for everyone: what method do you use for revisions before you decide something is ready to be submitted?

1. Rough Draft. Write the first draft as fast as it will come out. Details may not be consistent between beginning and end, some of the scenes may not flow correctly into one another, some major continuity errors might exist, as well as grammar and spelling errors. I try not to edit too much at this stage, as it makes the whole process take many times longer. But this draft has an attempt at a beginning, an attempt at an end, and some series of (perhaps disjoint) scenes that lead to the end.
2. Continuity Revision. Read through everything, looking for inconsistencies. Cut unnecessary scenes and resolved conflicting information. Make sure the scenes make sense in the order that they're in there and that the action moves logically from beginning to end. When this draft is done, I have a story that makes sense, but is maybe not very easy to read.
3. Flow Revision. I read through again, looking for ways to improve the flow of the story. This includes adding beats to dialog to adjust pacing, adding some scene descriptions, trying to convey the emotions the character is feeling in each section, and looking for awkward sentences. Try to get the minute details of the beginning and end just right.
4. Recital Revision. I read it outloud (or at least under my breath). No matter how hard I work on the earlier revisions, I always catch errors here. This makes it much much easier to find awkward sentences, subtle grammar errors, and minor mistakes.
5. Give to First Readers. I give it to a few people whose critiquing opinions I trust. Exactly who I give it to depends on who I've been interacting more with lately, who I've read stories for (I prefer to trade rather than one-sided critiques) etc... I read the critiques as they roll in and mark comments into the draft document so they're easy to look at later.
6. Post-Reader Revision. I carefully consider all the comments that my First Readers make. I never use all of them, but I'll think very hard about which ones I agree with, and will make the changes as I think are necessary.
7. Post-Reader Recital Revision. Another outloud read to catch any mistakes I may have added.
8. Send it out!
9. If I get a form rejection, I go back to step 8.
10. If I get a personal rejection with some ideas why they didn't accept it I go back to step 6.

Lately my rate of completing new stories has been very low. My current work in progress (a retelling of the Wizard of Oz) has taken a long, long time, much longer than I'm used to. I've been working on it for nearly 3 weeks, and I'm now about halfway through stage 2. Stage 1 took most of that time, partly because it was just a really long story, and partly because I've been very busy with the end of the semester approaching.