I edit according to what the writing is for and where it is going. For instance, I edit a post on this forum far more closely than I edit an email sent to remind myself do something.
When in the heat of an initial draft of a story, I tend to do no editing whatsoever. I write the story with typos misspellings and all. As I said, this is initial draft that is seen only by me. Spell checked and rough edit makes it presentable to my first reader(s).
That said, having had some notable names in fiction edit my writing in the past couple years has brought my initial draft quality up to a degree that there are few changes to make it presentable to my first reader(s).
Also, working (not always voluntarily) in some fiction workshop settings, I can say that editing—even basic grammar/spelling edits—is a step that far too many writers lack an eye for or enthusiasm to do. This is a mark of a lazy writer, and one who is likely to not proceed very far until they take that step.
I love editing my work, and the work of other writers who care about their work. Reading a good story in the process is also nice.
Chabon is no more intimidating to me than anyone else (intimidating for me is reading some first draft manuscripts from Nabokov). Chabon is very good at what he does, but far more of that excellence is dedication and desire than “natural ability” … of course, not everyone will agree with that. The best thing I’ve ever read from Mr. Chabon is the simplistic statement, “I am that bored reader, in that circumscribed world, laying aside his book with a sigh; only the book is my own, and it is filled with my own short stories, plotless and sparkling with epiphanic dew.”
Alas, in my reading, far too many published works are plotless without having been precipitated with epiphanic dew. And an increasing number of published works read as if the manuscript didn’t even enter a building where an editor works.
Such editing starts with the writer. I’m one who usually lets a story conclude before beginning to edit it.