Is It Worth It For 5%?

I was thinking about something Trey Parker (of South Park fame) said. In regards to him making an episode of South Park in 6 days as opposed to several weeks or months, he said that if he had several more weeks, he might be able to make an episode 5% better, but that it wasn't worth it. It is an insignificant increase compared to the cost of time.

In Trey's case, I think he's right. He can keep working on the next one. Obsession ends up halting the whole process. But Trey's case is not everybody's.

If I am writing a short story for a contest, I get no extra credit for submitting early. If I knock out a first draft in 2 weeks, but the deadline is 4 weeks from when I start, then hell, why should I not revise it three times? I may only get 5% better, but it makes me that much closer to success, and it really comes at no cost to me.

What situation are you in with your writing? Is it worth it to revise it one more time? Six more times? Is it worth it for 5%? If so, go for it. If not, do your best and move on to the next project.