I'm starting revisions on my WIP, Jessica, this week. For me, first revisions = total rewrites. My rough drafts are uber-short (Jessica is 12k, it's a MG so it needs to be at least 25k) and basically just outlines. When I rewrite, I change EVERYTHING. The plot generally stays the same but I add characters, develop characters, develope the setting, move things around, add things, and of those things. But you know what? I LOVE it. I love getting to know my characters more.
The first thing I'm doing is printing the rough draft out. I put it in tiny font (8pt) to save paper and then one night I'm going to sit down and do a total read-through. Then, I'm going to jot down things on the paper.
I might also go through and make a list of scenes but then again, that might wait until the next rewrite.
I'll get a few sticky notes, though, and write "Things to Remember" on them and then list things like "Develop character more" or "Keep tension throughout" and every so often, I'll look at them to remind myself to work on those things in this draft.
After this draft, I'll take a break and probably fast draft another story, and then do a less-extensive rewrite of Jessica. Then I'll send it to beta-readers and then rewrite a few more times.
So yes, rewriting is a long and extensive process. But it's something I think is vital to every writer.
How do you rewrite?