The new editing seems to have led to savage cuts being accepted, for example:
The links have been restored since, but as can be seen from the history, at one stage the post was reduced to a single, pointless, line by people with insufficient rep editing and those edits being accepted.
A previous post, which, sadly, I have not been able to track down, was edited from casual "friendly" English, to very stiff "business" English. In this case, I think the edit was an attempt to improve a rather poor question, but to me, it went too far and suggested a completely different, and less pleasant, personality in the asker.
While I do not think that this facility has been used to game the system, I can see that the possibility exists, if people with sufficient reputation do not pay more attention when accepting edits. I further wonder if an in-stack (as opposed to in-house) style sheet of acceptable and unacceptable edits could be built-up from examples found throughout the SE sites?