deb, can you tell me a little bit about what the editing process is like? What happens? What can I expect? Is it collaborative? Does it take a long time?
I think - Amy can confirm or not on this, I suspect - that it may be vary wildly from editor to editor and from house to house. One thing will hold true: the time it takes is going to depend entirely on what the editor perceives as necessary rewriting.
My process for Haunted Ballds has gone like this, so far: I submit the final manuscript; it's generally in the ballpark of what they want/expect/specify for a word count. Ruth, my editor, signs off on it (they've received it, they've accepted it, that part of my contractual obligation is fulfilled, and any advance due on acceptance goes into the processing mill, and cheque will be sent to my agents).
She then reads it cover to cover, decides what needs rewriting, makes her own small corrections and lets me know about larger problems she sees with it. I've been extremely lucky on that one; of all of them so far, only Matty Groves needed anything major, and that was just trimming down to size, because they'd budgeted for a smaller cover price based on the first two. She then sends it to the layout and copy editor (aka Mr. Post-It, damn his eyes).
When they get it back, with a deadline attached - I'm told most publishing houses actually expect reasonable deadlines, but I don't believe in the Tooth Fairy, either - her assistant pings me to let me know to expect it, and tells me when they need it back. It gets here and I sit down with it open on my desk, the original MS open on my screen, and a blank browser window for the typewritten acceptance or rejection of changes explanation I'm going to type.
I go over it with a fine-tooth comb, literally, compare, decide what gets accepted and what gets rejected. I bundle up the entire pile and send it back, with something I can use to cnfirm that they did in fact receive it when they claim they didn't.