Somewhat relatedly, I've refactored processes down from 25 hours to 20 minutes. It got to 20 minutes, and other people started nitpicking that it could 'be faster' (the same people who'd let it get to 25 hours, then threw up their hands and said "it can't be fixed"). They spent loads of time getting it from 20 minutes down to... 17-18 minutes (spending 2+ weeks in the process). I'd indicated "there's really no more 'there' there - this is about as fast as it's going to get, without faster hardware". They had to find out for themselves there wasn't much more juice left in the tank.
Maybe it's not related, but I felt like sharing it anyway... :)
20 to 17 minutes is a 15% time savings still.
In all seriousness, from a business standpoint, it's almost never worth rewriting anything unless you're already making significant changes to that code. The opportunity cost of not spending that time building things that get you paid is just too high—not to mention all the new bugs that you're likely to introduce.
In my experience, most of the insights cluster in two places: just as you start writing your solution, and just as you think you're done with it. So you want to get through the whole process quickly, just to learn the things you need to write a proper solution.
Related, from a different HN thread - https://news.ycombinator.com/item?id=27692710 - "action produces information".
that's not really what a rewrite is. A rewrite is when something has already been in production, and the engineer re-do the same feature set, but refactored or rewritten in a different (possibly better, but not guaranteed) form. This rewrite takes up the time that would've been spent on something else.
If you were doing a "rewrite" during implementation, but still delivered on time, that's not a rewrite - that's just good engineering, doing exploratory coding! If you couldn't deliver on time because of the rewrite, then i guess you can call it a rewrite.
Throwing away a whole repository that was tested and running in production or on some dev environment, is something different in my point of view. And I think that's what people mean by "rewrite".
Learning. The result may not be meaningfully better, but you gain fuller understanding of the problem domain. The third rewrite might have a chance of being an improvement ;).