I've completed the first pass at the novel and am now working on the second revision.
There's lots of good advice out there on how to manage this task. Check out these suggestions from Holly Lisle, Writergrrls, Lynn Viehl, and Ken Follett (Oooh. this is a SCARY web page).
I hope to have this work completed by the first week in August. At that point, I'll farm it out to friends for feedback with the intention of finalizing the third revision by early September.