I recently received the reviews/comments for an article submitted few months back to a journal. All the reviewers overall appreciated the content and the usefulness, but also suggested corrections (varying from minor to major) : typos, better title and abstract, reorganizing the material, better exposition at certain places, adding more benchmarks; that need to be addressed before publications. All the reviewers recommended the paper for publication if the reviews were addressed satisfactorily.
The editor, looking at the reviews, mailed stating a major revision of the paper is needed before re-submitting the paper.
My question is, what does this mean, in terms of the chances that my article is accepted, when I re-submit it after making the corrections suggested by the reviewers?
In general, I would like to know what goes in the editor's mind when he suggests minor revision/ major revision etc. If an article needs major revision, will it be reviewed again? How do these translate into chances of the article being accepted?