I have a book (somewhere) depicting the editing of one of James Michener's lesser known books. I can vouch that the draft was horrific in places. Huge chunks were mercifully excised with the author's consent because they had absolutely nothing to do with the story (stories) being told. Here's a vote for revisioning, rewriting, sending to beta readers, assessing feedback, revisiting, rewriting... 'til it's just right.

I concur. The experience of having finished your first draft leaves you relieved, giddy and excited. But that's not the same thing as "Its ready". My approach (nicked from Scott's blog) is to put any finished draft (not just a first draft) in a drawer for two weeks after you type fade out. If it's ready then, it will still be ready in two weeks time. Your fresh eyes will tell you when its ready. And show it to some friends for feedback too!

My guess is we're also talking the first draft of someone's first or second screenplay, and in that period, you're likely also too fragile and too emotionally tied to your project to send it out. Based on my experience as a magazine writer, at the beginning, every rejection can seem so personal and a judgment on your ability/worth. You want real feedback on a real project that's ready for evaluation -- instead of feeling like you "lost" or your work doesn't measure up.

Hear, hear, Judy!

Michael, I'm not sure where I picked up the habit of taking at least 1 and preferably 2 weeks away from a finished draft in order to get those 'fresh' eyes. Perhaps it arose from work when stacking projects, needing to take a break in order to jump into another project. But I know this: If a writer DOES take a break from a script for a period of time, then comes back to it, they will see their story in a wholly different light than the day after typing FADE OUT. It's essential to do that to have any chance of developing an objective take on the material.

Good points, Melinda. It takes awhile to develop the inner constitution to be able to accept an honest critique of material. For some, especially those new at the craft, to hear someone like Andrew Stanton at Pixar say, "Be as wrong as you can as fast as you can" may seem crazy, but the fact is we all have to slog through a lot of dross in order to get to the good stuff and pull that good stuff into a strong story. I'll bet your experience as a magazine writer comes in real handy when you receive feedback on your scripts. That will serve you in good stead in dealing with script notes in Hollywood.