I haven't been reading Jane Yolen's journal the way I used to. In the past, I found her impressive work ethic and output inspiring. Now reading about what she's doing just makes me feel like a layabout. A lazy, disorganized, self-centered, kept woman.
However! I went over there today and saw that she just gave a revision talk at the SCBWI midwinter conference. Revision means editing. If you're lucky, it means working with an editor. I was talking about editors who don't edit just last weekend. Go to Jane's Feb. 7 to 12 journal entry and scroll down to "Here are some of the things I said about revision in my speech:" to get some info on working with editors who do edit. She has some more good info in the Feb. 13 to 14 entry.
I think Jane's definitely right about reading an editor's response letter, putting it down, and picking it up the next day. Or even later. I usually decide which portions of the letter I think are particularly important for the next draft and highlight them, too, for what that's worth.
I have never revised a manuscript with a book editor that didn't result in a better draft than the one before. In fact, by the time I'm through with a book, I am often quite embarrassed about the first draft I submitted.