When I first started, a senior colleague told me that the steady state should be:
- 1 paper just starting
- 1 paper being revised and resubmitted/under review
- 1 paper close to acceptance.
Of course the problem is when it takes a long time to get a paper to the revise/resubmit stage, so you have 5 manuscripts, all trying to get some traction.
And how much should I revise when the manuscript is rejected?
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vegreville 
I just had one of my colleague’s manuscript “revised” by a journal to such a degree that its difficult for the author himself to identify the paper!! The most important facet of a research writing would be how the author interprets and derives meaning out of the experimental data,i would accept only minimal changes to this section unless otherwise a valid reviewer comment changes my mind.