Some good warnings to take to heart!
I have a couple of things to add. Unless the market has changed drastically, having a good agent and getting an advance is unlikely to guarantee your book visibility or even entry into mainstream bookstores. I was paid $5000 by St. Martin’s in 1983; even though King of the Roses got superb reviews (check them out in the Amazon preview), the book never made it into any of the many stores, local or national, that existed at the time (before Amazon). I was told St. Martin’s would have had to commit to a massive advertising budget before any of the stores would find spine-out space for my book, let alone any kind of display or prominent position. (This despite the fact that my mother wrote many angry letters to bookstores demanding that they put my book on a stand in the doorway!) St. Martin’s did minimal advertising, but did make sure reviewers got copies and paid attention to them, which is a big deal, and something that will be hard for us to do for ourselves.
It’s my understanding (possibly erroneous?) that publishers’ budgets are even tighter today than they were in 1983. So true traditional publishing by one of the major houses doesn’t mean authors don’t still have work to do to get their books out there. But articles like this help us avoid pitfalls that will make our efforts go for naught!
Like many of my posts, this stems from something I saw in an online writer’s group. Essentially, someone who has been traditionally published from a small press was putting down people who self-publish. Personally, I have my own problems with self-publishing that I discuss in my “Why I’ll Never Self-Publish” post, but that is besides the point. At this point, I’d like to formally begin my rant against small presses.
In my opinion, traditional publishing is best done through an agent and then with a professionally recognized publisher. Small presses, unless they are recongized by writing organizations like Codex or SFWA, often give little more than what someone can do through self-publishing but will suck away 40-60% of the author’s share of royalties and then use self-publishing tools (like Createspace) to produce the book. Small Presses get away with this by telling authors lies in order to get them to sign…
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This lively post by Aliette de Bodard at Chuck Wendig’s 
Writer Unboxed (via, as so often, 
Here’s another good one from over at Writer Unboxed: Louie Cronin, Cronin the Barbarian of 
Just Can't Help Writing 