I typically find a typo in my posts as soon as I've posted them, and when I've fixed the typo I always end up with a big banner on the bottom of my posts:

This post has been edited by Phil Conners: A minute ago

Yes I know I could use post preview but it's not the same.

Couldn't we just have a 5 minute grace period where it'd be possible to fix typos without getting that "edited" banner posted. I know the software allows it. 5 minutes. Please.

See what I mean (below)

Edited June 29, 201016 yr by Phil Conners

The problem is that sometimes members reply to someones post before the post has been edited. In case of any differences between the quote and the original post, it is than clear the post was edited and thus there is a difference.

Same same, but different, when you start a new topic and then wish to edit that topic, is there any way to be able to edit the title (the new software seems to do some random things with CAPS).

A topic title can only be changed by a moderator.

There is also the question of indexing a topic by name. So in general we will not change a name, but correcting a small spelling mistake should be OK.