You can edit your posts using AJAX now. Much more convenient in my opinion.
There is always the option to "Go advanced" if you want to add polls, attachments, etc.

Testing... yep it works!

By the way I coded this by myself in the space of about 3 hours, I'm pretty proud of it
It even scrolls the page to the position of the text box if you are past it, but not if you are above it
Let me know if there are any bugs though, as I'm sure there are
One bug is, just don't quick-edit multiple posts at a time (so just hit save/cancel if you are going to edit a different post). I know what's causing the problem but it will take some cleverness to fix.