It depends upon the wording of the "revise & resubmit". My understanding is that very few manuscripts are accepted on the initial submission. The ones that are accepted tend to be resubmissions after revisions have been made.
I received a "revise & resubmit" myself a few weeks ago and my professor indicated that it was in no way bad since they did indicate it was being conditionally/provisionally accepted as long as the revisions were made. Dependent upon the type of revisions, you may wish to revise & resubmit or you may wish to withdraw your manuscript and submit elsewhere. Of course, if you submit elsewhere, I would still look at the previous requests for revision and do what you can to better it. Otherwise, you may very well likely get the same responses back from subsequent journals . . . and it tends to be frowned upon to simply submit the exact same manuscript to multiple journals in hopes that you do not have to make any revisions.
Congrats! And g'luck with the revisions.