Revise and resubmit?

Word is in from the [Field 1/subfield 2] journal.

The review cycle is now complete.
I have attached three files: the letter of decision and two reader's reports. Unfortunately, the readers recommend we do not publish the submission in its current form.

Alright then. The comments are abundantly helpful. There's no formal "revise and resubmit" mechanism, but the editor encouraged me to consider them again. It's really good to get feedback, to feel a part of the academic community again. Considering this was a slightly revised version of a term paper I wrote four or five years ago, I can't feel that bad. As I wrote back then:

I can't say I have a high confidence level that the article will be accepted without major revisions, but I wanted to get something out there. Hopefully, I'll get some good feedback even if it is rejected. And, with a little luck, I'll get a "revise and resubmit" order, giving me some drive to move ahead.

I guess I've gotten that now.