Nothing gets me excited like a good process and when it comes to photo editing its something that evolves as your eye becomes more aware of your shot. My personal feeling is that you stop at the step that leaves you feeling most complete when looking at your photo. More is not always better with editing. Often times less is more
Always use a RAW file when you can and make a copy so that you can compare your Before and After at each step. I currently use Aperture with a little Photoshop CS on the side. I’ve also used Photoshop Elements, Windows Picture Editor, and Picnik. (I think that a look into these tools is worth a post of its own, so keep your eyes peeled for that one.)
