1- Trying to squeeze 150 pages into 3-4 is like trying to put a circle in a square hole.
2- The story is one long convoluted event in your head. You have to look through it to remember what major events were versus events you just LOVED.
3- It is the be all and end all when it comes to submitting (to agents OR publishers).
On the plus side:
I finished mine. 😀 So yay for that!