Maybe posters views are swayed by where they tend to post. Personally, I post mostly in the Microcontroller section and tend to post a lot of code examples. The idea of not being able to correct erroneous code will make me far less likely to post in the future.
I can only think of one example where the edit system has been abused and that would have been fixed by setting the edit time to 1 week. Most poster also add an edit note to prevent any confusion.
As I said earlier, this is a valuable archive and should be kept as error free as possible. Deliberately making it difficult to correct errors just seems silly.
Mike.