I'm 3k on SO, so I have full edit privileges. One of the nice perks that comes with this is that another page doesn't have to load just so I can make an edit. (Before 2k, a separate page loads to suggest an edit. After 2k, a Gen-U-Wine SuperAwesome InPlaceEdit thingy pops up to replace the post - making it editable in-place, no page-reloading require.)
I know why the non-privileged users don't get the in-place editor: rate limiting. It's harder to choke up a review queue when you have to load a new page to suggest an edit.
However, what about their own posts?
<2k users have full edit privileges on their own posts - why not let them have the in-place editor that the >2k users get?
Suggestion: Let users without edit privs use the in-place editor for their own posts.