I recently edited this question. Just some basic code formatting and a few spelling mistakes.
Whilst I was in the process of editing the literal "This post has been edited 1 times" appeared above the title.
I completed the edit and it stated it was awaiting peer approval as per usual.
I then clicked on the link that stated the post had been edited 48s earlier. This then showed me that the user who had posted the question had added a couple of tags.
My edit was approved and A couple of minutes later I was awarded the Organizer badge even though I didn't do the re-tagging.
A small bug I know but I thought it better reported than not.
I was just reading the following Post about concurrent edits.
The answer seems to suggest that checks are in place (note I could be reading a post that is now out of date). Though I'm unsure to whether the warning messages reporting a conflicting edit would show when the user saves his edits Or when the peer confirms them?