As the FAQ says, SE relies on some stuff typical for wikis. By allowing edits for questions and answers, noise, lengthy discussions and flame wars happen not as often.
As an encouragement for edits, a question is even put at the top of the front page after an edit ("bumping").
So far, so great.
However, Some users (including me) seem to enjoy improving their answers after first posting them, sometimes even with minor stuff like spelling fixes. It so happens that the question returns to the top of the front page a lot, and it seems like this gets interpreted as: "There's a user who just keeps editing to gain front-page attention." As a penalty, Qs or As with many (> 10?) edits automatically become community wiki (CW), preventing the original owner from gaining rep through said questions or answers.
Just to make it clear: I don't care a lot about reputation.
But: I enjoy editing and improving stuff I come across, and I, as a non-native English speaker, often find that things I've written in my own Qs or As are ambiguous or more complicated than they need be. This is enough reason for me to edit things frequently, and I believe it helps this site's long-term quality of content. Editing, after all, is encouraged on SE.
What I don't want is a lot of extra attention to all the smallish, minor edits I do.
Thus, I am all in favor for the featrue request: Please add a checkbox below the "Edit Summary", called "This is a minor edit".
Checking this box should prevent the question from being bumped to the top of the list, and it should not increase the counter that causes the Q or A to become CW.
Checking this box should not affect the edit history because we don't want to hide damage done by trolls.
On most wikis, it looks a lot like this:
When you browse the list of recent changes, you can decide whether you want to see changes including minor edits or not. I understand that on SE, a lot is done to not clutter the pages with too many options - one solution might be to have high-rep users (maybe 2k and up) decide if they still want to have minor edits on the front page or not.
One of many examples why this would be useful: This answer on EE.SE, including the comments below it.
status-declined; SE wants to maintain peer review over all edits. This feature could be used to defeat peer review on intentionally destructive edits; thus it was denied.