Phrum, at one point everything people posted went directly onto the CR and people were taking advantage and posting inapproprite stuff.
And editing would also be the same problem. Because once a moderater posts a post, if you can edit it, you can post anything you want. Unless the mods mod the edited post. But that would be a lot more work. Not worth it.
I think now you can edit your post until it gets posted. (When your post is yellow).
The system we have now is very good. (It does get annoyoing sometimes, but hey, so do!!!)
On a side note, is it time for the Elections 2010 banner to come down?