Rewriting

I started THE DEVIL'S KISS back in October 2004. By November 2005 it was (IMHO) finished and went off to various agents to be rejected. So far so normal.
Since then I've worked and reworked it. Plots changed, characters changed, aged, died, were born, combined, split, personalities metamorphosised and so on. In November 2006 a new draft was written (then called GOD'S KILLER) and I had one of those first 3 chapter reviews up in Norfolk.
It was ripped to shreds.
So...rewrite AGAIN.
New version was much stronger in many ways, but still not there. The Cornerstones WOWFactor came and I was short listed, then the Undiscovered Voices competition arrived and my agent appeared.
New rewrite! From scratch!
Now we're into the nitty-gritty. Editors are involved. Lindsey and Ari have cast their eagle-eyes and I'm back on the rewrite.
What I'm trying to say is really, it's a LONG LONG slog, and I'm still working on my first book. And my book's pretty short. I would also reckon I'm pretty fortunate in that the agent and book deal came pretty quickly-ish (looking back it seems like things were always moving forward, so that was encouraging).
Where are you in the process? Have you given yourself any deadlines, goals, timetables? What do you do to keep going and have there been any moments when you thought 'Sod this, I'll become a fighter pilot instead'.
I read somewhere (so take it with a pinch of salt) that less than 1% of submissions get taken on by agents and (this is also a big assumption) assuming they all got sold, only 5% of authors actually make a living just through writing.

General ramblings...

Finished the latest rewrite of the Devil's Kiss. Unlike most, instead of cutting I've enlarged the book by 10,000 well-chosen and highly important words. Many spelt correctly!
For those with £4.40 to spare, this week's The Bookseller (4th July edition) has a brief article on Sarah Davies and Greenhouse. Buy it immediately, you know you want to. (I am too modest to mention who else is briefly refered to in said article).
Moving on...
To Christian Bale.
For those who know me even slightly, this actor features prominently in my viewing pleasure. Sufffice it to say I have a small man-crush (I think that's the correct term) on him, ever since American Psycho. Stick him on the cover of a magazine and I'll buy it. So most of my pocket money this month has gone on GQ, Total Film, Film Review (where he's been chosen as the BEST ACTOR ALIVE), Empire. Add to the fact Batman is my FAVORITE hero, well it just proves there is a God.
I even loved Equilibrium. Gun kata, how cool is that?
I even forced all my mates to see New World with me. Granted he's only in it for about five minutes, but hey, that was enough!
Roll on the Dark Knight...