Yes the edit feature certainly does come in very handy and quite often for correcting typos etc that slip through in our haste to post and usually don't really effect the contents of the post.
The thing I don't like about the edit feature is that when it is used it does not alert the members that a post has been edited unlike when replying to a post, which on some forums I find it exasperating because they tell you not to do back-to-back post's, but if you don't then there is no way of members knowing a post has been updated.