Heinlein was also talking from the age of typewriters, so rewriting and revising were often one in the same. However, in the age of computers, a rewrite, in my eyes, actually retyping the entire thing, using the original as a mere reference that can be stuck to as closely as desired. Revising, in my eyes, is editing with an axe, willing to chop away and restructure things as deeply as necessary.

So, I guess they are kind of a matter of degree.

Heinlein's full list- (http://www.sfwriter.com/ow05.htm)

1) You must write (VOLUME)
2) Finish what you start (You need to see the entire piece before you can build a sense for what works and what doesn't)
3) Refrain from rewriting, except to editorial order (Stories are never truly finished- learn to abandon them and call them 'done'.)
4) Put your story on the market.
5) Keep it on the market until it is sold.

The more I think about it, the more those rules seem like the path I need to follow if I want to write for a living. As I've said numerous times, I've been writing fiction for less than a year, and I've never taken a creative writing class, and only one college level composition class. I need to write more. I need to finish more so I can see the big picture of what works and what doesn't, and then I need to move on and see if I can build something better. Editing and revising are still necessary, but, from my perspective, it has diminishing marginal returns. After enough editing passes, it is time to drop it, get it out there, then move on to something newer, and hopefully better.

With that said, I do think I need to spend more time developing a better editing eye; this work especially had a ton of misplaced or incorrect words, things that really should have been caught in my revising passes.