Thanks, Jessi. Everything you say is true, but for anyone reading this and feeling anxious about the EFA, I’d like to put in a good word for the organization. Established in 1970, they’ve been around for much longer than the current self-pub/e-book revolution (so: not a fly-by-night company), plus they exhibit at major events (BEA, AWP, etc), where you can meet some of the editors in person. I’ve had nothing but good experiences with their members and recommend them on my resources page.
It’s always sensible to follow due diligence in submitting your first draft of your book to an editor by making as fool-proof a copy as possible for you because first, it is your own creation, and secondly, a horrid draft sent your editor can end up frustrating both you and him or her. Make your own corrections to the extent you can, so that will make the job of your editor that much lighter and the end result would be a lot more effective.