I didn’t wait two years for an advance. The Random House contract, which is the industry standard, metes out the advance over the course of the publishing process in three stages, starting with the author’s initial delivery of the manuscript. Most authors don’t see royalties, because their books don’t make back the advance. (That’s because large publishers don’t advertise very much, unless you’re already famous.) No reputable traditional publisher asks for rights in perpetuity. There is a clause in most contracts that specifies when rights will be returned. (Usually when the book goes out of print.) If the clause isn’t there, authors should insert it when the contract is negotiated. (All contracts are negotiated.) The royalty split with most large publishers is 10% for the author, and 90% for the publisher. The publisher takes responsibility for all aspects of the publishing process.

If you self-publish, you will have to take on all those responsibilities yourself, which is actually part of the appeal of self-publishing. You determine how your cover will look, what the title will be (publishers often change the title), and — most important of all — what’s actually in your book. (Editors at publishing houses may want to delete whole sections, alter or modify the characters, and so on.)

However, self-published authors also have to do all their own marketing and promotion. So, it’s rare for self-published authors to make any money on their books. My personal preference is to go with a smaller traditional publishing house. They are responsible for all the editorial work, as well as marketing, but they are more receptive to input from authors (cover design, etc.). With a smaller publisher, control over the book isn’t relinquished, as it is with a large publisher.