I think some edits are accompanied by a PM !!
Infraction points or even a brief holiday
But Matt, generally edits are made on abusive/rude posts, or to remove quotes from other sites, inappropriate links etc .. and noted as edited. These do not deserve negotiations, and don't change any key point in a discussion surely. Hurling some verbal abuse is hardly useful discussion, and when a quote or link is removed it's made clear. I really think the current thread which caused you to raise this is a big fat exception to the norm