1. You send out your fresh, shiny manuscript. Betas get it and read. You wait.
2. You get your first review back from betas. You read the good points they have. Great news! They love it and you are a writing GOD! A total star!
3. You read the bad points they have. You are mortally wounded. They have skewered your baby. You want to murder them. You can't believe they can even spell their own name, they're so stupid.
4. But wait....they have some decent points. And actually, the changes aren't that big! And they're not really hard to make at all! You could make those in a half hour.
5. You realize the changes cannot be made in a half hour and that in fact they may necessitate a complete rewrite--with different characters and different plot lines.
7. Your baby is born--and it's much better than you thought it was when you first sent it out.
Until it grows up and gets sold, and then you have to do it all over again.