Full disclosure!
Level 1 posters cannot edit their posts. As a new poster, the moderators need time to get to know you so your posts will be held until they release them. This is an anti-spam measure.
Level 2 posters can edit their posts though there is a short 2-minute window to do so.
All edits are seen by moderators.
The reason for all of this is to ensure the boards have fewer issues overall.