@creatr, I'm with you 100% on this... it's a constantly nagging annoyance for me, and I always come back to the same issue: who exactly would be HURT by having this feature?
I know, there are a few "purists" who start spouting off about "dust on the blockchain" if everyone is allowed to go back and change a couple of punctuation marks on old posts and yadda yadda. But REALLY?
I appreciate you writing this... I have a something similar sitting in my "drafts" folder and I'm tempted to scrap it now that you have said this so well. Or maybe I should just sit on it for 2-3 weeks and send it through as another voice asking for editing for all!
We need to keep "beating the drum," and so, PLEASE do keep it, polish a little maybe, and then LAUNCH it! :D