scarletpeaches, you're lucky that that snappy approach to editing works for you. But that would be a poor approach for most writers. Especially for most writers of literary fiction. Especially for most writers of literary fiction who actually want to get published. Few editors these days have the time to do the editing they used to do. They're not likely to take on a project unless it's already pretty close to perfect. And, for most writers, a single draft and a ten day edit won't get them there.
Again, more power to you if that's how you work. I just wouldn't recommend your method to any novices out there.
P.S. I love editing. It's my favorite part of writing. To each his own.
Editors still edit. Most who say they don't have never actually seen a copy-edited manuscript. Once you do see one, you wonder how an editor could possibly edit more than they still do. But no manuscript needs to be nearly perfect before it sells. If this were the case, bookstores would be nearly empty.
Seriously, I think you need to study the writing methods of more successful writers. Literary fiction is no harder to write than any other form, and certainly isn't any better written on average than genre novels.
Many of the best writers out there write very fast, and with minimal editing and only a clean up second draft. This has always been the case, with literary writers, and with genre writers.
I've always believed the test of time is the only test that really matters, and if you look at the writers who have lasted, who are still being read from centuries past, starting with Shakespeare and working right up until the last century,the one thing almost all of them have in common is speed. They wrote fast, they were usually pretty darned prolific, and they didn't need several drafts and intense editing to get there.
It may be counterintuitive, but I see no evidence at all, certainly not from looking at successful writers, that slow writing, with several drafts, and equally slow, intense editing, makes any difference at all in final quality.
Good writers write well. They can't do otherwise. Good storytellers tell a good story, and those good at making characters come alive on the page do just this. They can't do otherwise.
They tweak, they polish where needed, they may or may not need a second draft, but they generally need very little time, and very little tweaking and editing.