You may have heard this story before.
Back in October 2006, an agent who had rejected my first manuscript over the summer contacted me asking to see my new project. (Regarding the first ms: He said he "admires" my writing, but the novel wasn't quite what he needed. I took that to mean "great voice, horrific plotting.") He learned about my new project after stumbling across this here LJ! I wrote back at that time and told him I was in early stages yet. He asked to see an outline, which I wrote up for him. Upon reading it, he asked for a two-week exclusive when the whole thing is "polished and ready."
Sixteen months later, I'm thisclose to being ready to send the polished-and-ready manuscript over to him! We've had contact off and on during that time, and I know he knows I'm done because he's one of my contacts elsewhere where I made an announcement. I know he still wants to see it. (And even if he doesn't, he asked for it, so he's getting it!) It's so crazy that after all this time, I'm finally going to be able to do this!
Now, I know he might reject it immediately. I keep trying to psych myself up for it so if it happens that way, I won't be all devastated. I have a good, good feeling about this guy, but that doesn't mean he'll feel the same about my manuscript. Oh, but I hope, hope, hope he does!
(And if not, I'll move on with querying, of course.)