I've even heard it said that Writing is rewriting.
Over the years, I've gotten a lot better at not starting to write a new story until I know the entire plot/character arc(s). However, once I get a handle on those, I plunge right in. Then, afterwards, I need to examine what the story says, as opposed to what I wanted it to say, or what I thought I wanted it to say. In my opinion, being able to see what a story actually says is a crucial skill for an author.
The stories in our ElectricSpec slush are surprisingly good. But almost all of them could benefit from a rewrite. A lot of the time this just involves paring away all the unnecessary stuff--stuff that isn't directly involved in what the story is trying to say.
So, send us your (rewritten?) stories!
What do you think? Is rewriting helpful? Are you a rewriter?