I think that this behavior is a byproduct of counting all edits in a five-minute window as one edit. This feature was created because there was a common pattern of quickly answering a question with two or three sentenced and maybe a link. Then the user would immediately edit their answer with more detail, and also correct typos and other errors.
The problem comes when you factor in the fact that a post rolls over to Community Wiki after 5(?) edits from the original author. Since it's very easy to make these 5 edits in the initial period of 'forming' the post, people wanted a way to retain ownership and reputation from these posts. The solution has been collapsing all edits within a 5-minute window into 1 edit.
If it's possible to retain the multiple-edits-count-as-one feature and still have a revision entry for each edit, then I support this feature request.