First draft: 110, 850 words (365 pages at 12pt TNR, for the page-inclined)
Second draft: 90,824 words (319 pages at 12pt TNR)
Third draft: 78,303 words (285 pages at 12pt TNR)
Of course, the numbers only tell half the story. The, um, story tells the other half. And I think this is the first draft that really resembles the book I set out to write. If I had to be done today, I think that what I've got would do.
That said, now that all the extraneous bits are gone (and believe me, some of them I hated cutting), I can really see some spots where the potential exists to make this book as good as I possibly can. I expect my fourth draft is going to be back up over 80,000, if only barely. Then it's off to my wife, and, assuming she doesn't crucify it, another quick polish and it's out the door.