I've been thinking about this quite a bit since this thread first began. The key seems to be: edit for quality, not content.
At some point, I intend to go over some of my earlier short stories and do edits for quality. I've learned so much with each book written and my craft is becoming more refined.
I don't intend to go back over my first novels though. I could improve the quality in various ways, but as others have mentioned, the reader wouldn't be able to see the growth and transition of the writer's art.
The other thing is that going forward is much more vital than going back. One could spend the rest of eternity going back to fine tune what was done before, but going forward and creating new things is healthier and more productive.
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