Working with a publisher forever changed how I work with editors. An editor is worth their weight in gold when you get one you trust, who pushes your work to be what it needs to be (and not what you wish it was) ... and pushes you to be a better writer. And if you don't work well together, it can be very dangerous and trying. For my last ms, I paid out-of-pocket for a fantastic editor (Kimmy Beach) who I have now worked with on three novels. She gets a completed draft. Always. And she gets paid. There are two types of edits - substantive and copy. She does not wordsmith, fix grammatical errors, or anything like that. She suggests story fixes and tells you what will or won't work, from her perspective, from your perspective, and from the view of potential market-driven publishers. It's a substantive edit only - more than what screenplay coverage looks like ... but same idea. I use about 60-75% of her notes. We have discussions (one-hour video sessions) to discuss rewrite strategies... she has a literary fiction background, so I always keep that in mind - it is very different than mass-market. Every writer is different with how they treat 'drafts' ... but I'd say if you don't think it's the best you can possibly make it, don't send it out yet. A novel is a reflection of your brand, you are selling yourself as a writer as much or more than you're selling the story. Nanowrimo throws the vomit onto the wall. Now make a Monet from the vomit. :) I think that's a crude way of saying I agree with Carolyn! Peer review/beta reads (which I also use) are not the same as a professional story editor. Copy editing I don't worry about quite as much, but that's just me.