How many versions do I need?

I had to eliminate one of my groups so I could join and post my question here.  I hope I'm in the right place.  I just started writing last May, when I joined, so I don’t have any experience to help me with this.

I have published two versions of my story here, but there’s still work to be done.  I left a couple of holes in the plot that have to be filled, some of my characters are still too sketchy, and I still use the passive voice, when I need action.

My story has had a month–long rest away from me, and I’d like to start revising and reposting version 3, but I’m not sure where I’m going now.
At this point, what I don’t particularly need are spelling correction, word choice, and suggestions on how it should be rewritten, someone else’s way.  And I don’t mean editorial suggestions—there have been a couple of folks who rewrote whole sections for me.  You probably have had the same experience.  I just figured I must be doing something right, for them to care so much.

Finally, here’s my question:  at what point do you stop posting and wrap it up?  Do you have a number of times you usually publish on site to work out the kinks?  When you do the final rewrite, are you working to please yourself?*  How do you know when to stop?  Everybody has their own way of knowing, I’m sure, but I want to do the best job I can, and not shortchange myself or whoever happens to read the story, eventually.

Okay, so that’s four questions.  I really do want to know.

JP

*Maybe I should have said to meet your own specifications, rather than someone else's.