Editing procedure
The vast majority of my own edits are corrections to typos and formatting mistakes that I catch and fix within about a minute of the initial post.
Sometimes, if I think of a better way to word something, or a point I missed, I'll add it, but again this is usually within a minute or so of first posting.
If more time has passed, say about five minutes, and I'm fairly sure the post might have read, I tend to leave it alone, and any additional thoughts go in new posts. Any major corrections for sure would go in a new post.
The one advantage to the "people online" indicator that used to be up there was that if I could see that I was the only person on the board, I could be fairly leisurely with my changes and edits.