I've spent the past couple of months as fiction co-editor for Mason's Road, the online literary journal in the Fairfield MFA program. (Contrary to what you might think, it's not for us MFAers to publish our own stuff -- we're not eligible to submit pieces.)
In fiction, we received nearly 200 submissions. Some of them were really bad, like, laughably bad. Some of them had potential but were too first-draft-y.
We've come up with seven that we really like and will be publishing in July's issue. After sending out rejection emails to a ton of stories, which sucks (having been on the other side of that, I know the feeling), it's nice to be able to send out emails to budding writers, telling them we like their stories and want to publish them. And it's nice to get the emails back with excited responses from the authors.