Many agents ask for a synopsis of the novel when you submit to them. It seems to vary as to what length they want, but the general idea is the same.
So I set out last night to write a one page synopsis of Project 2. By the time I was done, it was three pages. This was just the dry bare bones summary of plot events (which isn't precisely what a synopsis should be). Now, I have to try and go back through and tell the story again using the same voice as the novel, AND shorten it to one page. This is hard! There's so much I want to say about it (hence the 315pages of novel), it's difficult to distill that down into a few key paragraphs.
If I can get the synopsis presentable, I might actually get up the guts to send out my first submission soon. I guess I've reached that sink or swim point.