I've read and heard lots of writers moan about revisions, but I have to admit something: I actually like revising more than first drafting!
I'm in the middle of revisions on one project, so this has been on my mind a lot lately. I never feel like I really know the story or the characters until the first draft is written. It's going to be messy and terrible, and really, I just want to get the first draft over with so I can delve in deeper and turn that mess into something worth all my hard work. Revisions allow me to get to know the characters better and understand what they really want out of the story. Why do they do certain things? Why did this character say that? Why is this important to her, and why does this other character think it's more important to him? I get to answer all those questions during revisions. The first draft is my basic framework. Revisions make it pretty.
What about you? Do you like revisions or first drafting better? In the future, I'll share some of my favorite processes for revising, but feel free to tell me about your revision method in the comments!