Layman Publication: The Querying Process

I'm in the process of writing a Facebook note detailing the publication process for my non-writer friends, because I've had to answer too many times that a "finished book does not a NYT bestseller make." This is part 2. (But if all the parts are this long, there will definitely be some cutting.)

• Once you're happy with your book, and your critique partners are happy with your book, and you feel that there's nothing you can do to make it better, it's time to send it off. You do not (usually) send it directly to publishers. That was how it was done "back in the day," but now most writers send their books to literary agents...
• What are literary agents? They are people, usually with legal and/or publishing experience, that now work as a liaison between writers and publishers. Agents are appreciated by writers because agents have relationships with publishers, can understand contracts, and have experience in the publishing world. Agents are appreciated by publishers because the agents act as a filter for all the bad writing out there, and because they provide a buffer against the eccentric author. :) Agents generally receive a 15% of the author's check.
• ...using something called a query (pronounced: kweer-ee) letter. Gone are the days of printing your entire manuscript and shipping it to publishing houses or literary agents. Now you email (about 85% of the time) a one-page letter that contains a quick summary of your book, its title, genre, and word count, and a little bit about yourself. Sometimes you include the first chapter of your book, or a two-page synopsis. You research which literary agents you would like to represent you (deciding upon certain ones based on what authors they've previously represented to which publishing houses), send them your query letter...
• ...and then you wait. If you're smart, you begin writing another book. You'll also continually check your email inbox and receive one of two things...
• ...rejections and requests. Rejections are usually form rejections that say nothing more than "thanks, but no thanks." Requests mean that your query letter sparked some interest, and that they want to see more. You email them what they ask for; a partial request means they wanted a part of the book to read, and a full request means they wanted the entire book...

Next up: offers of representation

Did I miss anything? What would you add/take-out?