Check out this blog entry by Moonrat regarding the editorial cycle:
Editorial Ass: the Editing Cycle (a confession) . It's reassuring to know that editors experience the same gamut of feelings that writers do. I sometimes forget that editors feel (and are) accountable for the success of a work and are just as anxious to avoid a manuscript full of problems as we are. And can have just as many insecurities.
I have so many days where I look at my WIP and wonder "Where am I going with this?!" It's good to know I'm not alone.