Please close this question - i found a superior one on the metanet.
Please don't show the edits others made to answers within the 5-minutes window if the questioner saw the edits and overwrote them. To summarize:
Don't show the edit label if the last edit was made by the owner within the grace period.
I think this is what many people believe is already the case - but actually (apparently without reason), it is not.
Edit: Originally this question ignored the fact that you want to see other's edits. So the new revision requires the original poster to have over-edited it.