The third draft is where I usually fix plot and pacing issues. There are a few to be looked at. In particular I need to look at the early chapters, which are so important to hooking a reader. I need to add a bit more drama and threat. I need to make sure my scenes do two or three things. I need to make sure my readers aren't bored. I may also need to do this to the middle chapters. I don't want a middle 'boring' section.
The fourth draft is where I add the 'magic'. I add all the details and quirks that make it feel like a fantasy novel. All the pixies and prowling overhead show up in my fourth draft.
Then there's a final copy-edit before I send it out, a final typo hunt.
I mention all this because I'm sending out Chapter 1 again. It is going to do double duty: It's going to be my submission to the Fairwood writer's conference at Norwescon and I'm using it as part of my application to Clarion West.
That's a lot of weight on my first chapter or two. So, I might work on that tonight: do all my revision drafts on chapters 1 and 2 and then go on to chapter 34.