Sure, part of me is chomping at the bit, eager to submit it now, NOW, NOW! But, I totally agree with his judgment and think it's the most logical thing to do, stepping back, revising again, then submitting after the holidays.
Even though I felt the sting of disappointment yesterday (with the publisher's rejection), I'm feeling newly-energized with this plan of action. I know I'm capable of making those revisions (and I thankfully agree with them!), and I can't wait to have a nice (working) holiday, then start 2011 afresh (with an agent(!) -- still pinching myself on that!) with a plan to submit to publishers.