I use it all the time to reword something I noticed after hitting post (rare, considering how long I usually take to look over and finally post most replies), but it's usually within the thirty seconds after posting so it doesn't appear. It's never to remove content or anything, and the only time I can think of in recent years where it was after someone replied to it was
this post, where I slashed out Quest and added Monsters to clarify that I only meant the first game released in the US, rather than the whole series (at least, I'm pretty sure that's the part I edited, since that edit was shortly after I posted something mentioning Dragon Quest Monsters: Joker...which, to be fair, isn't much better in the story department).
Also, Glorb, that's exactly what moderators are supposed to do:
moderate.