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If I hadn't gone ahead and self-published and, instead, waited for an agent to accept me, I'd probably still be wondering whether my book was good enough. Now I KNOW it is because of the fantastic response I've received from the awesome people who have bought it.
The most important aspect of being an author is to have people read your book. If you're sitting at home waiting for the phone to ring, who is reading your book? Nobody. Why wait? If you're still holding out for an agent or a publisher, they are more likely to pick you up if you've already got a following.
So get your book out there on Amazon (US and UK) and Smashwords. Send out as many review copies as possible, ask book sites to interview you, offer to do guest posts on as many different sites as possible and get your name known.
The best thing a reader said about RAVEN was that her heart ached for the main character, Lilly. I would never have known that my book had that effect on people had I not published it myself, would I?
So what are you waiting for? Go for it!
After writing this, I came across this very interesting post and thought it might back up my point:
http://hbspublications.blogspot.com/2011/07/ebook-authors-self-publishing-is-like.html
Photo courtesy: http://www.freedigitalphotos.net/images/view_photog.php?photogid=851