Yeah. I've told myself to stop and read it BEFORE I hit the button but I just can't seem to get in the habbit. 

Could be nice for long running threads where OP is updated on a regular basis. People visiting those threads will know if something has been added/modified since their last visit.

They could add a 1min edit time stamp free buffer to perform the small typo errors.
Still not really a big issue.

Exactly, in situations like that it is beneficial, such as threads like this: http://gamrconnect.vgchartz.com/thread.php?id=229571

It could be worse. I re-read my posts before and after hitting the button. It's a chore.

The feature is great, the implementation lacks. Like most things in this forum.

I think it's a good thing overall. I'm a notorious editor of posts; if it's a long one where some thought has gone into it, I often go back and make numerous tweaks to get the nuances right. And it does encourage to think about what you post before hitting the submit button.

What I'm glad about is that it doesn't include an edit count, or introduce an extra edit stamp every time a new edit is made, like some boards I've seen.

[edited several times for fun]

Well, first of all, how about only set the edit stamp when something actually was edited?

I've also seen forums where when you make a double post, the second post gets integrated automatically as an edit in the first post. But let's not get too fancy here.

Says the one who goes all aggro after one small criticism.

Not sure if you've seen vivster's posting style before, but it's sarcastic and can be seen somewhat snarky at times.
It's not something directed towards you, so don't take it personally.

Either way, I think we need to sweep the last few posts under the rug... and this thread is a duplicate just to top it off.

Huh. I was sure I didn't see it before, and indeed it turns out to be a new thing.
A nice mechanism to see the activity of the thread author, for example.