Some time ago, I could retag questions, and I could not edit messages. Now I can edit posts and tags (edits needs review). So I have lost the privilege to retag question without review. Is this a bug or a feature?
You should still have a separate retag link, as demonstrated in this earlier report. I have just checked on Stack Overflow, and I still have separate edit and retag links. The latter will let me retag without peer review.
If you are looking at a post that you have already provided an edit suggestion for, then you will only see an edit link. This is because an edit suggestion will freeze the post from being modified, thus disallowing the usage of the normal retag utility on that particular post.