I'm a member of one board that gives you 5 minutes to finish your editing, and then...
What a frustration there. I had the hour limit bite me last night. It is a pain, but much better than 5 minutes.
I'll wait for the dust to settle, but am on board with the lifting of time limit. I have DIY threads that I need to update periodically, and if I have to post a new post, that post might not get noted down the line, when the thread gets quite large, and the correction may be very important.
Sometimes we all say something we want to take back, or change before the general population gets a sniff. We could do that before. Now, we have to come to our senses within an hour of spewing. That, right there, is a pretty tall order.
Even if the limit stays, I think you could always request some special dispensation from a mod, and if you have just cause, you might get such leave granted.
Enjoy,
Rich P