ya i agree a 15-20 second edit period, but other than that, people could take back stuff that makes them look like assholes, and we like to know who the assholes are
^ yeah thats the NS way though..i have wanted to delete posts and threads many times, but its funny when you get owned by half the website for being a dick.
I see no reason to not have a preview button. It could be right next to the reply button so you would only have to press it when you want. It would still allow for hilarious fawnts too.