Well, I've finished the 2nd draft, and started the 3rd.
Many of you are no doubt wondering what was done in the second draft, what's in the 3rd, and how many drafts there will be.
These are good questions. ;) For the 2nd draft I read through quickly and fixed all the spelling, grammar, and typos that I could find doing a quick read through. The 3rd draft will be edited for voice, tense, story flow, and showing vs. telling.
No, that probably doesn't require another draft, but this way I have a (reasonably) clean copy to go back to if I royally screw something up.
For my helpful proofreaders, please send in anything you have to fix. I'm sure I missed a bunch of grammar errors, and what would be most helpful would be to point out if I brought up a plot point early in the story and didn't follow up on it. (Some of these are intentional, and will be followed up on completely in later books, but I want to make sure I didn't skip follow up on them completely.)
One of the main things I'm working on in this draft is editing for showing vs telling. As an example of this, at one point in the story, Tomed outlines in a meeting some information that Jake got for him. In the third draft I'm adding a scene that follows along with Jake as he gets this information. This gives us some more action instead of just listening to characters talk about things. Also, it lets me flesh out the character of Jake some more.
Well, that's all for this update. Hopefully the first of many that actually details what I'm doing instead of just blathering. I need to add comments to this update feed... in the meantime, please feel free to e-mail updates to me at yoda47 at jedisaber dot com.

I've got to get better at updating. Oh well. Only a few people even know about this site at the moment anyway, and I'm not sure any of them check it. ;)
The first draft is now done! Yay! Now the hard work begins!

No, I haven't forgotten about the book. I'm working on Chapter 17 now. I think at this point I'm going to finish the first draft then send it out to everyone.
Current Word count: 74,126

Not much to report. I'm now working on Chapter 15.
Current Word count: 67,429

I've gotten a lot done recently. Now working on Chapter 13. I hope to have the whole first draft done in a month or so.
Current Word count: 61,067

The first draft of Chapter 10 is done!
Current Word count: 52,216

I haven't had much of a chance to write lately. My wife had our first child! So I've been busy with that, and not getting much sleep. ;)
I did decide I just had to re-name a character. I have one character named Jack that I named as such to show Australian ancestry. (A quick web search showed that Jack is one of the more popular Australian names.) Ever since I created the character, for some reason I keep wanting to call him Jake. This has resulted in my referring to him as both Jack and Jake both in person, and in the draft. Obviously, this has confused everyone. So I finally decided to just give up and call him Jake.
Current Word count: 50,430

Over a year of working on it so far, and I've finally got to the halfway mark. I'm hoping to have some more time to work on it here shortly. I hope I finish the first draft before the two year mark! Then the real work can start: editing, re-writing, polishing, etc. Since I've started writing a novel, I've developed a lot more appreciation for the time between books in other series I've enjoyed.
Current Word count: 50,020

Wow, it's been a whole month since the last update! Work and home stuff have been keeping me busy, and I've only had a little time for writing. Last week I was on vacation and in-between slacking off and riding my bike I managed to finish Chapter 9.
That was a lot of fun, as it has a battle scene in it that I've been itching to get to. I'm going to try to keep the pace up, as next month it will be a year since I started writing this. I hope to be be at least half done with the first draft by then! (Well, the story is roughly around the halfway mark by now. I'm using 100,000 words as a benchmark goal for the length, though it might end up and be slightly longer or shorter.)
Current word count: around 44,900

A few more updates to the encyclopedia, including maps of SeQish and Alkask.
I've written a little bit more, but I've spent more time planning on where the plot is going from here. I've planned out up to this point and the ending, but I'm not quite sure exactly what happens between.
Current word count: 42,100. Or somewhere near that...