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Afaict, the benefit of a grace period is minimal — (a) that people can avoid the very slight embarrassment that comes with having to edit a post immediately after doing so, and (b) that if someone ...
Answer
#1: Initial revision
Afaict, the benefit of a grace period is minimal — (a) that people can avoid the very slight embarrassment that comes with having to edit a post immediately after doing so, and (b) that if someone edited something private (like a birthdate) into the post then it can be removed if he catches it soon enough — but at what cost? (1, and least importantly) The moral cost of lying. (2) SE/SO, after instituting a grace period, had to then add in code that removed the grace period in case a comment had been posted meanwhile, so that people wouldn't complain that their comments made no sense in light of the post history. This special-casing, besides requiring extra code, also makes edits within the grace period crapshoots: you don't know whether your edit will count because maybe someone will have commented right before you hit Save. I recommend not having a grace period.