Update 1 - Enhanced with visual indicator
After further consideration including my comment to @Jason and @Pekka's same sentiment, it would not make sense to technically lock out the community from editing the initial question for a grace period. However a visual flag can be displayed to warn other users, during the grace period, that the author is still editing the question. This visual indicator would give pause to anybody who immediately wanted to start editing, or to anybody who didn't look at the time stamp to realize the author might still be in there. It would be a friendly reminder without changing any functionality, and would still trust the discretion of the members.
So instead of of putting up a fence, I'm suggesting a simple "Keep off the lawn" sign.
For an example, here's one taken from my comments:
Part of the reason I'm making this proposal is I jumped on a question [somebody else's] 42 secs into the making to correct a title, but hesitated when I noticed the short time. I caught myself about to compete with the author on edits. Indeed the question was corrected by the author seconds later.
Original - Grace period
Sometimes authors immediately have to compete against community members on their own new questions, during the initial process of creating the text and following up with some quick edits. The SO system doesn't have real-time change conflict resolution so we end up overwriting each other's changes a few times, rolling back, adding a few comments in the process, etc. before getting in sync - a bit messy and slightly frustrating at times.
Sometimes other people immediately jump into the question content for other reasons: e.g. to modify the tags, with a similar outcome.
I think it worthwhile to allow the author a moment or two of peace and quiet with their new question before other community members
are allowed to jump in.
Do you think it useful to put a sliding timeout on a brand new question (e.g. 2 minutes)
to allow only the author to edit its content during that time? that is evidenced to other potential editors by a visual indicator that the question is still being updated? After the first 2 minute period of inactivity by the author occurs (just on the initial question edits) that question would then be opened up to editing season forevermore no longer display the warning flag.