Would it be possible to disable Captcha when a user is editing is own question/answer ?
At least for something like 15m after the post (to prevent mass change on someone posts if account is hacked).
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I'm not sure why we should be any more or less concerned about "own post" (I can't see a reason to distinguish this from any other editing). The current captcha rates are discussed here.
Most edits (with some exceptions such as edits immediately after posting) can be rolled back / undeleted / etc - so if something bad happens, don't panic...
I do a lot of writing, and a lot of editing, and the captcha has never annoyed me. If anything, I like seeing it...wondering what odd combination of words I might get. Got a great one the other day, so I sent it in to Jeff and Joel for the blog. I find the good in it. It's keeping the site clean, and adding a bit of mystery to your interactions ;)