Can Revising a manuscript be gut wrenching?

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J. Drew Brumbaugh

After the first draft is finished do you put it aside for a period of time or dig right in and begin polishing and revising?  Working on the revision for book 3 in the Koronus Saga I have a hard time believing I wrote such a mess.  Then again, I wonder if it sucks as bad as it seems right now or is it because I already know what happens and so there is nothing to discover as I read through it.  Either way, it needs work.  I want the reader to feel compelled to turn the pages, to wonder what happens next.  Do other authors find them second guessing themselves when they go back to a draft?