This is interesting.
I almost always make typos in my posts because even when I try to proofread, my brain reads it the way I've been saying it in my head, and doesn't catch the errors.
A longer editing window would be nice, but I think it was still 5 minutes when I joined in 2009, and it's never been expanded. The request for a longer or indefinite time comes up often though.
Your post intrigued me because I've been told the reason they have the 5-minute edit here is to try to cut down on various kinds of trouble.
Unfortunately, there seem to be some people who join this site every now and then just to post shocking pictures to rile people up. Several months ago, someone posted some horrendous pictures involving children. Fortunately, RoboOp was alerted right away and they were taken down. (I just know because it was very early in the morning over here, and I just happened to be one of the few people that saw and reported it.)
We only have a few (volunteer) moderators who work within their own schedules, so they can't always catch everything right away.
The 5-minute editing time exists partially so that someone can't come in, post vulgar things and leave them up for say an hour, then edit their post or remove it, claiming they did nothing wrong, because they change or erase the proof.
This also goes for any out-of-line posts. Way back when, threads were posted automatically without approval. I remember one day one member who obviously disliked another posted a thread with the title, "(Member they disliked) is a (Child Predator.)"
I'm very curious as to whether the site you mentioned with no time limits ever has these kinds of problem, and how they deal with them?
Anyway... Just thought I'd add in an extra 2 cents.