Earlier today, I left a message on a course website, instructing students to bring to the next session any questions they have about (among other things) 'essay writing/revision'. This set off a panic in some that there might be an exam that they hadn't yet known about. That's because the words revise and revision are used very differently in American and British educational contexts.
My intention was to refer to the writing and revision of essays. American college (= BrE university) students become accustomed to the practice of writing, revising and re-submitting draft upon draft of their essays, especially in Freshman comp (i.e. a first-year university course on how to write--particularly, how to write an academic essay). In this context, revision refers to the process of creating a new version of a text, through editing and re-writing. Thus, answers.com gives first draft as an antonym for revision. This sense of revise/revision is not foreign to BrE, but in the context of of what British students expect to do, it is not the first thing that comes to their minds.
Instead, they think of the BrE-only meaning 'to review/study material in preparation for a test/exam'. Thus in BrE one can revise for exams or revise Chemistry, while in AmE the object noun for the verb revise would have to refer to some kind of text: revise an essay. Look up "How to revise" on .ac.uk websites, and one gets lots of information about how to prepare oneself for examinations (see, for example, this). Look up the same phrase on .edu (i.e. mostly American university) sites, and one finds advice pages on how to improve a first draft of an essay (such as this one).
I continue to use revise to mean 'create a new version of a text' in BrE contexts because it is a 'legal' meaning of the word here, and there isn't a very good substitute for it (rewrite scares the students, edit makes them think that they just have to proof[-]read). But usually I take the time to clarify my intention. In this particular course, the fact that they have to revise and resubmit their work has been discussed for ten weeks now, so I relaxed a bit and assumed we were speaking the same language by now. The ambiguity created by my virgule (slash) undid all that teaching, it seems. The ambiguity, of course, is whether essay writing/revision means 'essay writing and essay revision' or 'essay writing and (exam) revision'. I have to tell myself that the ambiguity created the problem. Otherwise I'd have to believe that no one's been listening to me harping on about first and final essay drafts all term, and believing that would be very bad indeed for my self-esteem.