I've decided that my favorite edit is edit number two. When you write for the first time, you're filling a blank page. It's enjoyable, but hard.
But the second pass is the most fun. The structure is there, but it's usually weak. You add depth, emotion, and "meat" to the bones. The second draft is such an improvement from the first, and you feel like a master craftsman (or craftswoman, depending). It's an enjoyable experience.
My least favorite edit? That's easy. The last one. because by that point, you've been over the manuscript about a hundred times. #PainAndTorture