When new users edit a post, the review is posted to a review queue and other reputable users can review the edit and choose to approve or reject it. However, I feel that a lot of people do it pretty quickly.
Onato suggested an edit to my answer on how to enumerate
NSDictionary items. He was fixing broken links in the answer, and as soon as I saw it I knew it would have been a good edit. However, only one reviewer found so, and three others rejected it. I ended up manually doing the edit, and poor Onato didn't get any credit for it (in fact, he got an undeserved 'rejected' for it).
The point I want to bring is that, first and foremost, the person who wrote the answer probably knows best if an edit is acceptable or not. Could there be a time frame where the author of the answer (or question) can overturn a review decision?
EDIT: one more perfectly fine edit was rejected by overeager reviewers as well. I absolutely disagree with the notion that the community knows better. The community repeatedly proves that it only wants Internet points.
EDIT: I told a commenter to fix something himself in one of my posts, but the community rejected it. I went back and applied the changes myself. It's not credited to him and his stats got a rejected edit now (which really should be an approved edit). The reason ("This edit is incorrect or an attempt to reply to or comment on the existing post") is blatantly wrong and shows once more that the community has much less insight into edit quality than the people who wrote the answers in the first place. It's true that the UI didn't make it easy for them, but those guys clearly didn't read the comment thread; I did, because as the author, I was notified.
EDIT: This time around, a user fixed a blatant (though small) mistake in one of my accepted answers. One hour later, another, unrelated 10k user edited my post to revert the edit, even though it had been approved by the community. I went back to undo his undo.
This goes on again to show that an active user is the best judge for the quality of an edit, and that since I can have the last word on edits on my own posts, I should be allowed to retroactively overturn a community edit vote and accordingly credit the person who proposed the change.
EDIT I wrote a surprisingly bad answer years ago. Some guy found it and tried to fix it but the community thought that it wasn't worth it. I think that the changes are great and once more I'll integrate them by myself into my post. Unfortunately for this user, he won't be credited for it. I still don't understand why I can't have a binding vote on edits on my posts.