I'm about halfway through the book, making some small changes as I go, and taking notes when the changes are big enough that they will require additional thought and planning. While I could be tempted to think I wasn't getting anywhere with the book, seeing as how the word count has not grown over the past few weeks, I am encouraged to see that parts of the plot are being improved, and I have some good ideas for those sections that need significant re-writing.
Overall, I believe the process is going as it should. I went through many of the same steps with The Hand of Tyr, though they took much longer than I had anticipated at the time. Now that I've been through the process once, I am more comfortable with it and also am able to move more quickly through the various steps.