After reviewing https://meta.stackexchange.com/review/suggested-edits/42519 as Improve Edit and submitting the improvement, I got the orange header bar telling me the post had been edited twice and I should reload, yadda yadda. But, looking at the revisions, it's clear that that simply isn't the case; the only two revisions are the one I was reviewing and the one I made myself.
So the warning needs to avoid that particular race condition.